Ann: Tanzanian Government Update, page-63

Petra Diamonds and Strandline have both used the phrase 'Framework Agreement'.

I didn't hear JdV use that term at all, rather he said "the signing of the agreement for the Mahenge Graphite project between the Government of Tanzania and Black Rock Mining".

Also "With this agreement the stage is set for the implementation of the project. We greatly appreciate how we have achieved alignment through the negotiations of the two sides. The commitment of both sides to arrive at agreement that is truly a win win one, has made this possible."

He's spoken about modelling conducted as part of the negotiations indicating the Govt share of the project is 50%, but including input costs such as power, rail haulage and port services the benefits remaining in Tanzania exceed 66%. Black Rock estimates the monetary benefit directly flowing to the Govt of Tanzania is US $3.6b, when also including dividends, taxation, royalties and clearance fees. (That compares to the DFS LOM Net Revenue of US$9.6B).

Greatly encouraged by the new investment climate. Our day is beginning brightly (in Swahili).

Lets see what he has to tell the market tomorrow but I'd expect those costs are already included in the DFS which was post tax and FCI. And also ungeared, so with a substantial debt component to be included in the finance, I'd expect, the project will deliver better than the DFS numbers.