Ann: Quarterly Activities Report and Appendix 4C, page-257

The same was said of the Angolan Sovereign Wealth Fund investment that the market appeared to doubt for some time. Then as the sp drifted lower there were doubts that even if the investment proceeded, the investment would be valued at that 8c level. Supposedly at the mercy of all... etc etc.
In the end they invested and at that agreed price. Not in MNB directly but in its majority owned subsidiary, Phobos and at the same valuation. SP going well below the 8c level meant zero about the SWF's decision to invest at the agreed valuation.

I doubt the IDC will completely drop any requirement for any offtake but I expect they would be prepared to replace the original plan for an offtake to Carrinho with a number of smaller purchase agreements with other customers, probably including Carrinho and other domestic customers as well as potentially export customers in any one of the countries of South Africa, Brazil and China that they have mentioned they are in talks with.

There is more than one way to skin a cat and there is a huge unmet need for Minbos's fertiliser locally in Angola.