No one seems to be wanting to note (again) how the deadline for the Government of Bangladesh to approve the Scheme of Development for Phulbari is 2 January given the submission on 2 October 05.
This was from the 29 Nov announcement re. cash placing:
In accordance with the Contract, the granting of Area B mining lease in April
2004, triggered an obligation on Asia Energy to complete the Scheme of
Development within two years. The Company submitted the Scheme of Development to
the Director of the Bureau of Mineral Development at the Ministry of Energy in
Dhaka on 2 October 2005, six months ahead of schedule. The Company employed the
services of more than twenty leading international and Bangladeshi companies and
consultants to undertake the study.
The Contract requires that the Scheme of Development contains certain specific
information, subject to which the GoB has three months from submission to
approve the Scheme of Development. In the event that the GoB approval is not
received under the Contract, the Company will work with the GoB and seek to
address the issues preventing approval.
In the context of developing country decision-making, I would 'not be wholly unsurprised' if the deadline drags - although it probably wouldn't help investor confidence. Conversely, AEN may be able to start 06 with good news on Tuesday. Otherwise it would appear some clarification is needed. At the very least it will be an interesting test of communications policy.
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