Ann: Winmar to seek Dual Listing on London Stock Exchange, page-244

Agree, and returning back to my post that Ann confirms my own view that they have a short term and long term plan.  Over time, they IMO will simply be treating their own ore in the facility, so the short term objective is get cash through processing others 'cobalt ore'  to facilitate their long term goals.  The relevant paragraphs in the Ann you mention are:

"Ore Purchase Agreements in place for an initial period of 12 months, with an option for the Company’s recently established joint venture company, Winmar Lufira Mining Company SA,to extend by a further 24 months"

and

"The Ore Purchase Agreements are proposed to supply 100% of run-of-mine feed to the Luapula Processing Facility until the Company has completed mine planning and feasibility study work on the several exploration licenses that it is also acquiring in close proximity to the Luapula Processing Facility and which are considered suitable to supply longer term run-of-mine feed"

All IMO