The idea of applying a depreciation to the Nampala project soon is not a bad decision. Without considering the panic exerted on the market, it is important to understand that this is only an accounting entry that will reduce the value of Nampala, WITHOUT CONSEQUENCE ON PROFITS, as indicated in the press release.
If the depreciation of this asset, and the announcement of a theoretical end of operations makes it possible to obtain better results from the negotiation with the tax authorities of Mali, this positive on the return.
In addition, applying this depreciation to the year 2023, rather than later, will make it possible to improve the performance of certain ratios in 2024 and subsequent years. Considering that Robex will have to focus on the analysis of a third project in 2026, once Kiniero starts, the performance ratios will be able to stand out and this will facilitate negotiations.
Until then, Nampala will continue to do the work for which it is intended, by financially supporting the development of Kiniero, because the future of Robex is there, on this project.
Despite Nampala's good results, the expected return on investment for Kiniero will be far higher. In 2026, with Kiniero fully operational, the allocation of capital on investments will be much more profitable if it is applied entirely to Kiniero, rather than spread across the 2 projects. That said, I assume that the sale of Nampala will be planned in 2026, to focus on the best, and growth objectives.