Ann: Quarterly Activities Report and Appendix 5B, page-180

What’s even better was this:

“MNB has a relatively low capital expenditure to build their mine, with about US$20M remaining to finish the build”.

After securing 14m from the IDC that only leaves 6m remaining.

The funding and project update announcement in the 17th of October stated:

“only 26 million expenditure remaining until commencement of production”

In the company’s 29th Jan announcement they said:

“The Company has taken over the management of the EPC contracts, resulting in a reduction in costs and an updated and improved design” and;

“a design optimisation and process review has been completed on the Cabinda Phosphate Project, resulting in a material reduction in construction times and cost”.

I questioned the company about these cost savings last week and I am happy with the response I received.

The remaining funding is getting smaller and smaller which should make anything left over after the IDC loan easier to secure, and less dilutive if it needs to come through equity.