Mining Licences - MSN, page-9

MNS permabulls don't yet realise that the investment community is waiting for the granting of a mining licence and then production of graphite to commence before they invest in any Tanzanian domiciled explorer.

sovereign risk is the defining factor for MNS and is what institutional investors are watching closely. That's why there has been nominal interest in the last 6 announcements. The price hasn't excelled to the expectations of retail permabulls because they simply can't move it higher with their small purchases.

There no doubt graphite bubble burst July, any chart shows that. MMS defied the trend until now but will need to pull out a rabbit from the hat to lift its price much higher.

Basically the smart money isn't impressed yet, otherwise they would have bought in.