moratorium on marine phos mining in namibia, page-14

Not at all. The "ban" is only a delay. If Namibia were to hold out longer without a good reason, Mawarid might have a legal remedy against the Namibian Govt.

As for being relieved, forget it. Mawarid also obtained valuable rights over a mine that contained $19bn of technically and economically recoverable metal. Mawarid will now be able to do what UCL should have done: pursue a legal case against the Iranian Govt. that will allow a claim for indirect expropriation of the mine (the Iranians impaired the business model by refusing to transfer the mining license to MZC). The compensation for such unlawful behaviour would include lost profits using a DCF valuation method (i.e. not be a simple matter of claiming just the sunk costs). Sultan Qaboos of Oman has recently been in Iran for talks. The two people on UCL involved were either two of the world's most brain dead and incompetent directors or they were being economical with the truth about something (Jordinson wrote off the mine without giving the full reason, and refused to discuss it at the agm as can be heard in the BoardRoom Radio recording - he also made a production agreement, which he also refused to discuss - why announce it if you can't discuss it?). I think Marwarid got a very good deal indeed, despite the Namibian setback - the Iranian zinc, silver, lead and copper mine only cost Marwarid mining about $1m. Ross and Jordinson make Drummond look brilliant by comparison, and Drummond was never going to be someone I would warm to after that Port Keats World Class Salt project rubbish ASX announcement.