I think it must be the calendar year - when we talk about FY's,...

I think it must be the calendar year - when we talk about FY's, "2011" was over on June 30 2011.

Timing:
Given the application for the ML was submitted in Dec 2010; the Namibian Govt will not looks too good (in terms of sovereign risk to foreign investors) if they drag their feet and fail to issue a mining licence or provide a credible reason for rejecting the application after 12 months of whatever they have been doing.

Does anyone know how long it has taken others to obtain mining licences in Namibia in recent times?