q and a6 Jun 2022 10:30
Is there a succession plan in place? After Harry was suffering from covid recently, is there sufficient experience on the board to continue with the companies masterplan if something happened to Harry?
A. Yes. And the team caters for emergency succession.
Q. In a recent interview Harry seemed to bring the Jibal Qutman mine start forward (maybe sooner than Tulu Kapi). Have you been given an indication from the Saudi authorities that the mining licence is imminent?
A Yes. As a result of a new regulatory system, we have received indications from the Saudi Arabia’s Government that the Mining Licence would progress in 2022. On the back of this encouragement, development planning studies have recommenced at Jibal Qutman.
Q. With the recent Ethiopian civil war/fighting now fading - hopefully, how important is the fact that Jibal Qutman is close to the Yemeni border? How close is the conflict in Yemen to that part of the
border?
A. Jibal Qutman is not close to Saudi Arabia's border with Yemen so is not impacted.
Q. What are the specific conditions required to action the Tulu Kapi funding instruments?
A. The regulatory disclosures set out the description of material conditions. The details of subsidiary conditions per individual party are commercial in confidence.
Q. What stage are these conditions at as of today?
A. Security is a matter for continued satisfactory conditions, government approvals are in process, definitive documentation, insurances and international bank account opening procedures are in process.
Q. I see that some Saudi mining licences have recently been opened to competitive bidding. Will our interests also require a competitive round?
A. None of our licences could be put out for tender.
Q. An Ethiopian media article has reported that the Mining Minister says that they have asked Tulu Kapi to submit details of their financial reliability. Is this the case and, if so, have you done so or are you awaiting EG sign off on this or other matters?
A. Typically we don't respond to media reports. However, It is important that we now proceed to financial completion in accordance with the latest plans agreed with the Government. Indeed, we have in the past reported that the Government has warned of administrative consequences if we fail to do so and we have also reported that all of our finance syndicate members have made it clear that they wish to proceed according to plan subject only to normal safety and compliance procedures.
Posted 06 June 2022
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