Ann: Former BHP Iron Ore President Graeme Hunt Appointed Chairman, page-38

Oh, I didn't mean to imply you said it was a deal breaker if that is how you took it, I agree it could be great, but I think it is stuff that could easily be managed.

We have plenty of challenges ahead of us in Madagascar, there are ongoing challenges due to road infastructure in the country, but there is investments being made in trying to address this.

There was a recent cyclone that killed several and displaced thousands of people.

There were a number of roads and bridges that were damaged and repair work is kicking off - https://www.lexpress.mg/2024/04/routes-nationales-des-travaux-durgence.html

The World Bank is investing in road infrastructure in the country, and this investment comes with conditions, where ratifying the mining code and opening up the economy are to expectations for that investment.

https://blogs.worldbank.org/en/nasikiliza/how-new-roads-are-changing-lives-madagascar#:~:text=This%20is%20why%20the%20World,140%20million)%20approved%20in%20FY20%2C

https://www.worldbank.org/en/results/2023/02/10/how-are-roads-changing-lives-in-madagascar

Will they prioritise RN7, on which AKO will have a dependency, maybe, but they will also likely want to promote a Public Private Partnership, in which AKO make larger investments up front for some sort of concessions - either now or in the future.

The good thing about Madagascar is things are much cheaper than in Australia. I have had a few rants about the state of civil works in this country, and the unchecked ballooning cost of infrastructure projects, and whilst Madagascar is a corrupt country, it can't be anywhere near as wasteful (and a different type of corrupt) as it is in Australia.