Bisha Mining Share Company (BMSC) gave Senet the go ahead in February 2008 to commence with the procurement of equipment, and since doing so significant progress has been made. Whilst BMSC pursues the balance of the financing, Senet has progressed the project to its current status within the constraints of the capital available.

About 83% of the engineering inclusive of drawing office is complete, with only minor details still to be resolved. The procurement function in terms of all the mechanical equipment is completed with orders for some of the smaller equipment still to be placed. Manufacturing of the ball and SAG mill by Polysius is progressing in accordance with originally agreed milestones and the same applies to all other major equipment ordered. In fact some of the equipment is already 100% completed and awaiting delivery on contractually agreed delivery milestone dates.

On the structural steel side, detailing for fabrication on drawings issued to date is complete and fabrication has progressed in line with the schedule agreed with BMSC. A major part of the plate work required in order to commence with the construction of the CIL tanks is already on site.

With Senet’s in-house logistics department on top of the transport activities, 14 shipments and some 143 containers have already been successfully dispatched to the Bisha site.

On site activities currently consist of building the construction camp facility, the main access road to the plant site and the plant terrace. The camp is at an advanced stage of completion and as for the plant terrace, excavation of all the unsuitable material is 100% complete and backfill and compaction activities are sufficiently completed. This allowed Senet to awarded the civil contract to Segen, an Eritrean civil construction company also responsible for the bulk earthworks contract under Senet management.

Site establishment for the concrete works has commenced with a brand new batching plant already erected. Construction of the first foundations for the pre-leach thickener, CIL tanks and tailings thickener was anticipated to commence towards the end of March 2009.