Some other things from this.
It's not clear if EBITDA stated of USD $30M includes or excludes the balance of stage 1 production ( 80% of production under binding offtake, 20% yet to be under binding offtake - presumably Meiwa corporation which is the MoU that hasn't yet been converted to an offtake ).
https://www.asx.com.au/asxpdf/20171031/pdf/43ns8bqxwkxgls.pdf
The JORC table includes the following:
The following government agreements and approvals are outstanding at this time and are material to the project execution:
No material impediments to reaching agreement or granting approvals have been identified by BAT.
- Land Holding (DUAT) License
- Montepuez to Site Road Works Permit
- Labour Agreements
Ann: Increase in Montepuez Graphite Reserve, page-5
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