Hi squidd,The 35% ownership are for the Citizens which as I...

Hi squidd,

The 35% ownership are for the Citizens which as I understand would comprise of the Locals + Government. It can well be 0% Government and 35% Locals, or to some sort of split - depending on the agreement of the Citizens and Government concerned.

Usually the Mining Code refers to the Citizens or their Subsidiaries (which can be in person, partnership, company and/or government).

If the Mining Code states 35% Ownership by the Citizens, Government or their Subsidiaries - then usually that is followed. Whatever structure they want to do it, it's their choice.

If the supposed to be updated Mining Code of Cameroon states that 11% or 21% should be owned by the Citizens, Government or their Subsidiaries - so be it. That's set and we can not argue with it usually.

Most of the mining operations there currently operating are small to medium scale (as they have a good Small Scale Mining Law in Cameroon). "As far as I know there's no Large Iron Ore mining operation there as Big as the Scale of the proposed SDL yet. Most of these Big Projects are either in the Exploration, Feasibility or Pre-Financing stages".

It could well be that (at this current time) the Government and their Citizens would be very happy with 11% (+ the option of taking another 10%) in Cameroon for their Iron Ores, "we don't know yet", although their Mining Code stated (on the Old Version) that it needed 35% ownership by their Citizens and Subsidiaries to exploit their mineral wealth, at the time.

And BTW, most of these Big Projects don't even have the "Exploitation or Mining Permits/Licenses" yet. So I don't expect that "Final Negotiations with the Citizens and/or their Government" had taken place already. They've got a long way to go on that regard yet.

In contrast, I'm definitely sure that we as OZ Citizens ( & our Government) would be screaming to hell if we "only" get that ownership level in here. Thus, my conscience dictates that it would be unfair for the Cameroons (and/or Congoneses) to be short-changed that much in the deal while foreigners are there partaking of their mineral wealth.

Thanks squidd.

RVINTL.