Merchant thinks high inflation due to a depreciating currency in Angola is something new. It's not. It's been ongoing for years. He also fails to understand that while costs in Kwanza rise against the USD, cost in USD stay unchanged against the USD. Minbos has been paying for plant to date in USD and will continue to pay for the balance of the capex in USD. A depreciating local currency makes it all the more important for Angola to grow its own food rather than import with a weak currency. It's not at all surprising to see the Angolan government continue to support the project through its recent Sovereign Wealth Fund investment, for US$10mill. That's USD, not Kwanza.
MNB Price at posting:
6.4¢ Sentiment: Buy Disclosure: Held
