Ann: MOD to Consolidate 100% of T3 Project, page-18

If there’s going to be a takeover it won’t be just solely for the T3 project, it will be the regional scale... so I don’t understand the logic of your comment there, funding - yes agree.

The “option” to obtain 100% ownership of all JV assets is intriguing- according to the release they must go through a scoping study then they are valued on the average broker valuation of the specific project value as a proportion of the companies enterprise value - sounds like nothing can go wrong (sarcasm). The announcement sounds as if it was MOD who structured the deal this way but I have other thoughts...

If the plant is going to be built (and potentially expanded) at T3, how will the deal work if ore is fed through from multiple deposits within the dome (owned under the 70/30)? Seems to me the most “simplified structure” would have been to buy MTR 30% stake in Tshukudu out completely - this would have removed all road blocks.