It looks like one of the main hand-brakes on this project over the years has been Badimo being unable or unwilling to stump up with 51% of the exploration costs.
As Badimo Chair admits "... direct investment was previously notavailable to Badimo...".
KKO Chair states "...the parties were obligated tocontribute various amounts toward the operational activities being agreed and approved in South Africa.This mechanism has at times been inefficient and caused delays in exploration and developmentprograms."
It seems that KKO has had to sole fund exploration to keep the project moving, albeit at a snails pace and booking 51% of expenditure as a loan to Badimo.
This should mean the hand-brake is off & pedal to the metal drilling for reserves.
Looking forward to some announcements on a big summer drilling programme funded by farm-in.
It looks like one of the main hand-brakes on this project over...
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