Ann: Quarterly Report for the quarter ended 31 December 2022, page-3

Pretty good given the supply chain & macro environment at present, and should help to settle nerves over capex blowouts in other competitors’ projects:

“Committed costs at the end of December were US$110 million (43%) of the budget US$255.5 million (including contingency). The project remains on budget though some packages have come in above budget due to cost escalation, necessary changes in design and some Stage 2 scope items brought forward into Stage 1 with these increases absorbed by the contingency fund at this stage. When the majority of tendered packages have been assessed and awarded, an updated forecast cost will be announced. This is expected towards the end of Q1 2023 and the Project schedule will also be confirmed at that time.”

I also like that the Minister colour-coordinates with Leo’s logo for meetings. He is the real Mufasa.