Management and BOD had no experience on vital contacts in Africa...

Management and BOD had no experience on vital contacts in Africa and should have never commenced with the project. However their promised pay packets were too great to let it go.
Now they are dragging this out to the max. Ask yourself why the Chinese were allowed to pay the last chunk 12 months away. They have plenty of cash to do the deal in the one payment. It suits management and the Board. That way they can collect their pay packets longer and pretend they are looking for the next doomed project. AIMO.