Ann: Phosphate Fertilizer Project Update, page-83

Phase1design for civil engineering works,includingearthworksanddrainage are complete(Figures2-3).The contract has been agreed and is ready to sign. A formal tender process is under way and work can commence when the contract is awarded.

Phase2designforStructural,Mechanical,ElectricalandProcesscontrolis substantially complete with packages ready for pricing and contracting.

Why would Angolan banks risk their capital with so many uncertainties - ready to sign and then a formal tender process lol

and phase 2 - ready for pricing and contracting lol

Construction if ever gets under way - will be a debacle like the past 3-4 years

Hence SP more than 50% down from last 2022 11c CR

Forget 2025 growing season - time for 27c or 37c fantasy projections to be adjusted downwards
IMO