It needs to be remembered that the Chinese are end users and not...

It needs to be remembered that the Chinese are end users and not miners. This means they are not limited to decisions based on commercial considerations alone. It's supply control they want, not uranium production at a profit. This means they are (along with any other end user), much more likely (and able) to accommodate Namibia/Epangelo in taxation/royalty/partnership arrangements more favorable to the latter, than say RIO, BHP or even EXT itself. This interestingly also gives the Chinese some unique bargaining power over the timely awarding of the ML and the ability to negotiate this directly with the Nab gov prior to the next approach for KAH.