I've spoken to management. They said that there is no reason to believe that approvals won't be received. As it's a DRC acquisition, approvals have had to go through Shenzhen and Beijing.
Beijing requested more information from Chengtun late last week that Nzuri has provided. Chengtun team were in Perth only a few weeks ago to discuss handover.
The other approvals that need to take place are the JV licence transfers from Ivanhoe. Nzuri have someone on the ground in the DRC working through this.
I asked "why can't we get progress updates?" The response was, the Chinese don't like internal processes be made public and any updates will be provided once it's confirmed and material.
The member of management was very positive and kept reiterating and I'm paraphrasing, that "we have no reason to believe we won't get approvals and the transaction be completed in good faith".
As I suspected, all parties are working to get this done, it's a complex transaction because of the jurisdictions involved and the approval process that needs to be adhered to.
Nzuri were preparing a substantial captial raise/debt financing to take the project into development when Chengtun made the cash offer, I found that very interesting, and imagine this would be the fullback plan.
They have a good faith loan from Chengtun to help with operating costs, in light of the first and any future delays and also Tembo are there to back them should they have to.
Interesting times.
DYOR. IMO. GTLAH.
NZC Price at posting:
28.0¢ Sentiment: Buy Disclosure: Held
