Ann: Minbos Secures Site For Capanda Green Ammonia Project, page-8

60 year lease. Factor that into a NPV. Obviously hard to do with electricity prices secured for "only" 25 years but a project in a country with electricity prices at a fraction of other countries is still going to get extremely cheap prices even without negotiating below market prices. Average cost of power for industrial use in Angola is around 1.5c/kwh. That would still generate excellent margins. MNB secured 1.1c average for 25 years. What will electricity cost here in the next 25 years?

"60-year lease was signed at the concessional rate of US$300 and at the same concessional rate per annum (US$300).

With large and explosive-hungry mining projects in **on , Zambia and the Democratic Republic of Congo, the Company is currently engaged with a number of potential project partners to supply green explosives across middle Africa.

Securing the site location for the Capanda Green Ammonia Project is a significant milestone for the Company, allowing it to commence baseline environmental and geotechnical surveys for upcoming feasibility studies."

...and how inportant is this statement for highlighting why the DFS has forecast very strong growth in earnings for well over a decade for the phosphate;
"The country has 36 million hectares of arable land but currently only farms 5.5 million hectares, mostly by small holder farmers that use little or no fertilizer. Angola has analogous soil and climate to the cerrado in Brazil which has increased its land under planting by 20 million hectares in the last twenty years.

Plus the market for green ammonia for explosives is already large but then there's the need for nitrogen for fertiliser beyond this plant's capacity:
"Given the available land and the analogy to Brazil, Angola is targeting at least 2 million hectares under commercial cultivation. Historical crops require significantly different nitrogen fertilization rates, for example up to 200kg/Ha for maize and up to 300kg/Ha for cotton. At an average consumption of 100kg/Ha Angola is expected to require approximately 200,000tpa of nitrogen equivalent to 600,000tpa of ammonium nitrate.
The Capanda Green Ammonia project would be able to meet half of this demand."

Power locked in for 25 years, green ammonia tech study completed showing excellent initial results and generated strong incoming interest from potential partners, strong and growing local demand and now a 60 year lease locked in.