The Quarterly is due out by month’s end, I’d expect it on...

The Quarterly is due out by month’s end, I’d expect it on Tuesday 30th - the last day, they have been keeping up to date with these.

There may be some news re how negotiations are going - but probably not. We should however get a good guide as to how far away they are from completing the construction. There was massive progress in the 7 weeks between the Dec Qtly and the March 22nd update, I’d expect the same.

As I posted a while ago, at the moment the Government don’t own any of Goulamina, I suppose they don’t want to commit to either mining code until the dispute is settled. That means they get no revenue share, however they hold the ace card in that we can’t go into full production till we get the power plant approval.

Ganfeng have a hydroxide plant specifically designed for our SC6, they will not want a hold up as it would be very costly, at the moment all it has cost them is the duty. Construction has been unaffected. I’d guess they’ll be getting the CCP to exert a bit of pressure on the Mali Govt, remember too the Chinese can’t buy hard rock projects in Aust, Canada or the USA which counts out most hard rock on planet Earth. I am quite sure they’d like to own 100% of Goulamina, however they have many partnerships around the World including Australia so they would not want to be seen as a bad boy and any such moves would be above board.

Certainly this needs a settlement one way or the other before they need to ramp up. This also coincides with the FFX shares coming out of escrow. The alternative is having an idle completed plant which is not acceptable to any party or the local work force. So far the dispute hasn’t affected anyone except for Leo shareholders and the duty paid. Very soon it is going to become very real to all the affected parties