Pika,
I'm not so sure anymore - (about whether the media/jounalists got it wrong). That's part of the "mystery" that needs to be unraveled. Yes, SDL always talked about Lolabe (as if something very distinct from Kribi - but is it really? And yes, it is not disputed at all that SDL wanted sole control of Lolabe and the rail all along, and for good reason. And good on them that they have managed to procure first mover rights and"ownership" of the Lolabe port and rail through the Cam convention.
However, and this is what I start reading into the media/journalist reports, is that Lolabe and Kribi port development is used more and more in the same breath. So I've started to take a view now that Lolabe (yes, it a different port from the main Kribi terminal port) is part and parcel of the greater Kribi port. If the distance between the Kribi Main and Lolabe is indeed only some 4kms apart (you'd hardly build up a sweat walking from the one to the other) it suggests to me that, in the event of SDL not being able to get funding for P&R is a timely fashion, it will be the easiest thing for the Chinese company currently busy constructing the Kribi Main terminal, to simply step into the shoes of SDL (by way of BOOT arrangement) and take over the mandate for this part of the Kribi Port development as well. - A simple expansion of the Kribi Port development mandate. I state this in light of recent comments by GC at AGM where he in almost unequivocal terms stated that they are pushing towards the "selling off" of the P&R infrastructure - in the process, hopefully, still retaining a "first priority" for haulage and export of Mbalam I/O. It would make perfect sense if the P&R (or at least Lolabe) gets "BOOTed to the Chinese company. BUT, as Westcott eluded to, is Chinese deliberately playing hardball to come to mutually beneficial terms because they (CHINA) want it all and they want it without acceding to SDL's minimum terms as regards "first priority usage"?, well knowing that they (China) has a lot of I/O along the route that they also need to ship out?
Raises the further question: Why, after all these years, a sudden need to upgrade from 35mil tonnes to 40 mil tonnes. Yes, it may make the project more viable under current economic conditions but Mbalam is only suppose to go into production round about 2020 (i think that is the latest,new, date being touted) when I/O prices may have strengthened. Or is it a case that China expressed interested and is prepared to commit to the P&R (and acquire an equity stake in the mine) on condition that SDL can prove up 40mil tonnes p/a ( which leaves less access capacity for other prospective thrird party users)?
So many question and so few answers. Guess all we can do is wait and see.
Hopefully, if it is a case of China trying to squeeze SDL, and if SDL continues to have Cam Gov's backing, the Gov might step in at some stage and tell the parties to get things sorted without further delay.
Enough conspiracy theories from this end.
Cheers
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