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https://www.sabcnews.com/sabcnews/infrastructure-development-for-musina-makhado-sez-set-to-start/
So finally got hold of Stephen Rowse – we had a reasonably long chat, seems an amenable sort of chap. In no particular order:
He’s confident the financing gets done with or without the MMSEZ going ahead, which he feels is now likely, hence the increased noise in the press. Vele in particular would benefit from reduced transport costs if SEZ goes ahead;
He thinks they will raise the money – it’s a key strategic project from a South Africa perspective, government remains supportive, China and Arcelor Mittal want it to happen asap - AM are importing coal into SA which they could source locally. Coal prices have moved higher, see demand;
Company is still looking for a new CEO, Sam Randazzo up to speed, very highly regarded. Next couple of weeks making sure know exactly how much the company will require to complete project going forward, so won’t be forced to go back later. Still have IDC and other parties interested, and looking at alternative methods of finance. Discussions ongoing. Usual spiel about green revolution and covid hampering progress;
Thinks they will complete financing before getting new CEO;
Want to make sure financing gets across the line and do best from a shareholder perspective. Understood our frustration with it continually getting kicked down the road, quarter by quarter;
Agreed with me that the stock is cheap, doesn’t reflect company’s assets or outlook. M&G holding down to 12%, doesn’t know their intentions;
Quarterly update to be released before the end of the month, hopefully next week;
So whilst sounded positive it’s still watch this space….hope helps