Ann: Quarterly Activities Report and Appendix 5B, page-182

	Catch up with MNB We caught up with MNB Managing Director Lindsay Reed at Indaba. MNB is currently building a phosphate mine in Angola. Phosphate is a key ingredient used to make fertilisers for food production. Lindsay looked pretty stoked with whatever had happened at the meeting he had before us.

1		We reckon MNB is going to be our first ever Investment that moves to a successfully producing mine. MNB has a relatively low capital expenditure to build their mine, with about USM remaining to finish the build. A couple of weeks ago MNB released a schedule which shows first production this year:

	(Source) Last week MNB also released an update that field trials of fertiliser were showing outstanding crop productivity increases (MNB’s phosphate was used in both the outer sections of the below image, which are clearly growing better than the benchmark base section in the middle):

	(Source) After last years Indaba we travelled to Angola to visit MNB’s projects and see it all with our own eyes - you can read the about our MNB site visit here: On the Ground in Angola: Our MNB Site Visit