Well a few mysteries about the conference call have been cleared up with the bought deal. The prospectous for this issue is also informative.
Kulu production has been downgraded to 12,000t per year but the really interesting bit is the mention of title review on pages 11 and 12 of the prospectous. To quote:
"... Title Review
News reports indicate that a commission will be established by the Minister of Mines for the DRC to review the validity and fairness of various mining agreements entered into by La Générale des Carrières et des Mines (“Gécamines”) and the DRC government and its para-statal entities. Anvil understands that the agreements between its subsidiary, Société Minière de Kolwezi sprl (DRC), and Gécamines in relation to the Kulu Mine and the Mutoshi project may be subject to this review process. Although Anvil believes that its agreements with Gécamines and the DRC government are valid, there can be no assurance of the outcome of a review by the commission. ..."
This might explain the lack of movement on a feasibility study for an SX-EW. The SX-EW might itself be a furphy to stop further capital expenditure until title is reviewed. The good news of course is that Dik and kinsevere do not appear to be under review.
On reflection, they had to do this raising to cover announced spending. The upside is that the money raised now will leave a lot of cashflow over the next 24 months that I am sure will a good investment home based on BT's track record ...
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