Running discussion on SP, page-31178

A fair point, admittedly this is generalization of what the probable view would be of an external investor would have of MLL and AVZ. Ultimately IMV geopolitical risk is a function of the discount rate.

All countries have risk, for e.g. in australia it is notorious for its red tape and permitting etc etc. which sure can argue that good, but it also means things usually take longer in australia than some other parts of the world. You can also argue that australia's governments and leaders change every couple years, if not several times a year lol, though for the most part doesn't dramatically change policies. Will keep this as the end of that convo, i'm not politcal and don't want that discussion here. (with anyone in general)

So to re-iterate, most investors whom are invested in the aus/us/canada jurisdictions aren't really going to care or split hairs about the exact locale, current geopolitical movements, current events, current conflict etc etc etc. They are simply going to say, yeah that's great but based in africa so it's a no from me.

Given there has been maybe 100-200 posts back and forward about what's good here what's bad there is the case and point that holistically, regardless of the exact country within africa, it will be viewed as higher risk. Albeit for varying micro/macro circumstance.

So people can continue to compare African countries but you're really just splitting hairs in comparison to the western jurisdictions. Inevitably resources get developed on their economics, risk is a function of discount rate in the NPV. It's why the hurdle rate for project in africa is generally better than in aus, most projects explored/developed are highly economic and eventually warrant investment.

people can do a discount rate search by country, admittedly information is hard to find as current but what you will see is maybe 50%+ of the top 20 will be in africa. which supports my comment that holistically mali/DRC being seen as a seemingly poor jurisdiction in comparison to the other current developers.

Also, IMO it's not nearly as bad as what's made out and i also feel that in 10-15Y times africa as whole will be completely re-shaped inevitably for the better as we have exploited most of the economical deposits from the favorable countries which has inevitably lifted pricing of most commodities to levels which now warrant investment in Africa in large portions as seen by the strengthening of ties with Africa from European and US nations.

I also know you're a ex-banker so you get all this and my post isn't directed at you per se' just commentary in general for the general forum.

SF2TH