Ann: Minbos Investor Presentation - Angola Rising, page-419

The only theory that can makes sense is the "pissing them off" theory. $4m is nothing for SJ, so it was probably a matter of principle rather than financial constraints.

Looks like P4 production and relationship with SJ is gone, and SJ will slowly move away.

I had a feel that MNB has always been walking on a thin line trying to get both export and P4, and it would piss off one of those competing stakeholders. Management has always been trying to present themselves as having a lot of options that would eventuate, but in the end, all what we see is confusion and the constant struggle.