Frankly, I am very pleased that as soon as the Hanlong deal fell through, the Board was able to quickly identify a plan to develop the project and stick with that plan to progress the project to the current stage.
In my opinion, the most difficult task was to obtain the Government approvals. The Board has really done a great job to obtain all these necessary mining permits and conventions from both African Governments because unlike the appointment of Mota-Engil, the Charter Bank, Fluor Australia (the FEED contractor) and the Equator 3 Principles expert, this is in the two Governments' control, not in the Board's control. So for us to be able to obtain those permits successfully is really a relief. I believe this has added most value to the project. If you ask me by how much, sorry, I don't have a simple answer for you. All I can say is without these permits and convention, the project cannot be developed even if funding is in place.
We were advised by the Board that by early next year, Fluor will finish the FEED study and the mine tender winner will be announced unless none of those tenders can satisfy the FEED requirements.
By mid next year, we may have the E3P issued, then we should be able to officially apply loans from the development banks and have finance wrapped up in the 2nd half of 2015.
In the mean time, DUP is being finalised. Mota-Engil strategic/design/procurement team have already started working at site. Charter Bank has commenced organising funding months ago with those parties expressed interest.
In my opinion, the Board and all people concerned are doing whatever they can to prepare the project for construction. Once funding is finalised, we are in business.
Cheers
Pikapika
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