Agree Rising / HussyIf Bannerman had an agreement in place with...

Agree Rising / Hussy

If Bannerman had an agreement in place with Epangelo, you would think the mining licence would follow, along with investors. Without an agreement ?

The following is what happened to Extract Resources:

'State-owned China Guangdong Nuclear Power Company (CGNPC) and Namibian state-owned Epangelo Mining Company have entered into an agreement to try and secure a ten per cent stake in Husab, the fourth biggest uranium deposit in the world. Mines and Energy Minister Isak Katali yesterday confirmed the working agreement. However, he dispelled speculation that the Chinese are trying to become a shareholder in Epangelo.

“Epangelo is a 100 per cent state-owned company and shareholding is not an option,” Katali said. Epangelo and CGNPC will be in partnership only through a working agreement, and only to secure a stake in Husab, he said.

Katali declined to go into the details of how the agreement will work.

Husab belongs to Australian-based Extract Resources, which has already applied for a mining licence to develop the mine next to Rössing at a cost of about US$1,7 billion. Earlier this year, Cabinet decided to allocate exclusive exploration and mining licences of all strategic minerals, including uranium, to Epangelo.'

Soon after this agreement was put in place, Extract was granted a mining licence, and CGNPC went on to take over Extract.

Not saying that this is what is happening in the background in BMNs case, or will ever happen - but an interesting thought.

Easy to say when not privvy to the details, but BMN might be better off just doing a deal, whatever price it is, and getting on with it, or somebody else will at even greater detriment to the shareholders and themselves ??