I'm a little confused exactly where this licence is located....

I'm a little confused exactly where this licence is located. When I look up locations like Chapala in Mozambique, its located SW of what's shown in the IEC September update.The location on that update looks completely inaccurate based on the locations and Lurio Belt.

https://www.researchgate.net/figure/Location-of-the-Nampula-Block-within-NE-Mozambique-with-restored-adjacent-Gondwana_fig1_257128089

This gold prospect sounds riskier than Tanzania even if the Mozambique government is more friendly to mining. The whole gold bullion/mint thing just reeks of a pipe dream to me. A bit like the power station in Tanzania that never eventuated.... still it's a story to sell isn't it.
Coal has become a dirty word but is dredging rivers in Mozambique much better?
The world certainly has changed in regards to coal from when IEC first began operations. Not that it's use will decline in Tanzania by the looks.

As for Tanzania, well I think I've already said a fair bit about that. It sounds as corrupt as hell and the government clearly want their hands on our asset now that we've done all the hard work.
I think management have a duty to shareholders to get as much as possible for the operations if it's put up for sale. The recent purchases of machinery, mine development, stockpiles etc should have a realistic value. They can't just walk away and hand the keys to the Tanzanian government. I also won't buy the story that a low price will factor in all the debt that's owing. That's just downright theft.
I do fear that these fake royalty payment and investigations will be used as leverage by the government to try and get a low price. I'm utterly disgusted by this!
I wonder if IEC can retain some equity in the coal operation to secure a source of future income because we all know the mine is profitable when you aren't being screwed from every angle by parties related to the government. I'm certainly bitter that shareholders have invested many years and a lot of money to come this far, only to have it stolen from us.
I'm not really sure how it came to this point. Not enough palms greased? Pure greed & deception by the government?
With Jim moving to Mozambique, the operation is clearly over. My bet is Daniel Mikenze was put on the board to smooth things over with the government and it hasn't worked.He may well be running the show shortly.

As a direct subsidiary of IEC, I'm unsure if the $2.5Mil raised by IML will have an impact on the IEC share price? At least Tanzania can't get their grubby hands on it.

The gold prospect is too risky for my appetite and I'll still look for an exit to hopefully break even after holding for so many years. The gold exploration may well take off but I won't regret my decision to exit if the price is right.

Best of luck shareholders!