Assessment, page-30

Hi Squid,
Quick answer:
Neither the Cameroon or the Congo mining codes have any clauses that automatically result in forfeiture upon insolvency.
the situation gets complicated because of the ownership structure of the various licences.
In effect the keys rest with the note holders and what they decide to do. It is a big decision for them to assume control as they need to establish a management structure. As you know to date, collectively, they have preferred to continue to fund existing management.
I agree with you the Hanlong exercise makes no commercial sense but then nothing they have ever done has so there is some consistency!
One thing certain: SDL is running out of money and the cupboard will sooner or later be bare.
J9