Ann: MoU Signed with Mali Gov & Sale of Entire Project to Ganfeng, page-441

@kaiseriqbal

I agree with your valuation. Its what I got as well - circa 10% discount. So not worth risking it all (take $600M or $60M)

As to your other points, I don't believe we could stay.

Rightly or Wrongly, the Malian Gov have joined us at the hip with FFX; who failed as a corporate citizen in Mali. They have been hell bent on punishing FFX since.

And if we chose to stay, we would have been targeted as being a proxy for FFX. The bridges have been burnt. So it would much better to take what we can and leave Mali.

The Only thing I would "prefer" to change in the sales deal, is for us to be issued with GF shares. I would prefer GF shares than cash. GF already has infrastructures, resources, distribution networks and customers around the world. And they are making good money.

So having GF shares will allow us to earn $$$$$$$$ straight away. And with rising Li prices, we will benefit through rising GF prices and increased dividends.

If we started again, it will take 8 to 10 years and still need to plow in lots of money before we see dividends. And there is no guarantee the new project will succeed.

Remember, the best investment Warren Buffet's Berkshire made was with BYD.

No reason why GF can't be our BYD investment.