Ann: June Quarterly Activities and Cashflow Report-SYR.AX, page-11

It is certainly out of order for a company to move into construction phase of the development stage without having a MDA signed, sealed and delivered.

It tells me at least 2 things. SYR is confident that dotting all the eyes and crossing all the tees will be a formality sooner or later. Secondly, it tells me that the MOZ government is dis-organised at best and likely worse to be the truth. A fairly common occurrence for African nations by the way. Notwithstanding both of those deductions, it does increase the risk until a legal MDA is signed off.

There is absolutely no doubt in my mind that the MOZ government will get a % free carried in this project. Like Prime1 suggests, it will be a question of when? Going by the published legislation it looks likely to be later on once the value invested by SYR goes over that $400 USD hurdle.

From memory, the requirement to list shares on the MOZ exchange for citizens to participate is not a requirement of the MegaProjects legislation. Somebody else can check that fact if they care.

Cheers