Merchant, as much as I would like to not reply to more than one...

Merchant, as much as I would like to not reply to more than one of your posts in one day, I don't want to be seen as wanting to avoid that question.
Protagonist asked me what I thought would happen if the project was delayed beyond the end of July. I already answered that in a detailed reply. In addition to that reply, I can say that I would expect the price to show some weakness if the July deadline was reached with no progress on construction- but from what price level? Well before July the cr selling would likely be long gone, the company may have announced an offtake with the South African fertiliser producer that the IDC has ownership in and the sp might be much higher than where it is now, especially if there have been any other positive developments such as updates on how funding talks are progressing.
The South African export finance group, IDC very likely only got involved in an Angolan project because of the South African company that wants to buy our phosphate. The IDC loan being approved recently most likely confirms that the SA customer will sign an offtake with Minbos. That might push Minbos into bringing stage 2 forward. That offtake might even come with some prepayment to get construction started. Who knows what will develop between now and the end of July?