Ann: Ngualla SML being considered by Mining Commission, page-69

An attractive sentiment, of course Kruiser but when I refer back to the latest Activity Report (released on 29 October) I find that PEK has reduced staff while waiting for the mining licence. How much work has been continuing with the Teeside refinery since the September quarter, we will find out shortly but quite likely some design and early stage planning.

We all are waiting for a mining licence and once in hand expect an upsurge of activity. The Tanazanian Govt has us by the curlies and knows it but at the end of the day a degree of reasonableness has to be maintained for them to retain credibility..

The World Bank through its funding from the IFC and indirectly with Appian interests has an interest in this project as a way of helping Tanzanian development but neither is this a straight gift. IFC looks for a return as well.

Cash on hand at 30 September was $5.2M (no update on this in most recent presentation) but that should be enough to keep essential activity running for a while yet, given that they declared a $720K operational expenditure in the September quarter with $1.3M cash outflow including debt repayments.