Tonkolili is 100% owned by Shandong Iron and Steel who re-opened the mine in April 2016 after a two year closure. The company has been mining existing stockpiles and was expected to deplete these in 2020. Tonkolili had its mining licence cancelled by the Seirra Leone government in June 2019 and there is uncertainty as to whether this will be reinstated. With just 1.5 Mt of reserves remaining in the stockpiles, we would not be surprised if Shandong walked away from the mine. This would mean that Stage 2 of the project would not go ahead.