Ann: Quarterly Activities Report - June 2023, page-4

This is a copy paste from my own post on another company thread...

I'm not 100% sure how to interpret this.

Obviously not great for long suffering BSE holders, but does it mean "the ratification and passing into law of the new mining code is likely to be used as leverage by the current leadership party, and therefore is unlikely (not) going to be passed until Rajoelina is reelected or rejected?"

In the case of rejection, ie he's voted out, I wonder what the stance of the new President of Madagascar is with relation to mining.

The country has "taken" (perhaps "accepted" is a better word) $200m from the world bank, which was semi contingent on the new mining code being adopted.

I think realistic expectations are for early next year before we have clarity.

Either way, is not like the country can afford to return the money they've taken / accepted, and whilst the delay is incredibly frustrating for BSE, I believe the mining code will become law in due course, and there is no impact for AKO given our timelines.