Perhaps one more milestone before Africa?Assuming all the...

Perhaps one more milestone before Africa?

Assuming all the funding is there for this Gigantic Opportunity.

I’d expect clarifying statements on capital funding structures and binding another major offtaker. Perhaps Tsingshan is enough to cover the demand for the early years of Production.

Baowu changed their Chairman mid-year on forced rotation. There’s a new General Manager also. Recently been curtailing expenditure, except for Simandou (Rio) and the Green Steel collaboration with BHP. Yet silent on the obvious MegaProject.

Perhaps the appetite for funding is not there. Then what? Does an IPO fix this, and if so, how far away is it…still require far more detail. Otherwise the off-market looks too attractive to hedge, when we’re sitting so damn close to MegaBucks.

I’m looking forward to the Laying of the First Stone. Are there any more twists?

GLTAH