Ann: EcoGraf Purification Achievement, page-41

I don’t think Robbo is back. Tanzania is still a risky place to do business, as we’ve all learned, but I do see green shoots developing. I don’t think it’s coincidental either because the next general election in Tanzania is due in 2020 and many commentators report on the grinding to a halt of their mining industry. The President is in a precarious situation given this policy was his own doing and wins are needed.

Recently we’ve seen the issuing of ‘7000 mining licences’ in Tanzania, but that was light on detail. However, KNL has been ‘guaranteed’ a 10 year extension and Spinks made a dash back to Tanzania 2 weeks ago for something that apparently required his physical presence. We all still wait on details of this, but I think it’ll be extremely positive. If the development is as positive as I expect, I think more than a few investors will be encouraged to return.

I am however pleased with the EcoGraf – mentioned above in detail – and the SPG Plant (~US$145m NPV – due to be revalued given the improving metrics and trash-to-cash re-flotation of fines/waste for the ‘high value market’ and the business diversity this affords all of us.