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Risks

           Profitability risk               •  Stringent health & safety norms and   Macro-economic risk
           •  Impact on Kenyan operations due to   competitive pricing threats in Europe   •  High energy price volatility and
            increased royalty rates, possibility of   Environmental risk       uncertain economic times in the UK
            shorter lease period and disruption                              •  UK exiting EU without a deal
            in rail logistics due to unviability of   •  Rising stringency in environmental   •  Impact on global demand-supply
            Rift Valley Railways. A proposed land   regulations in India       balance and price fluctuation driven
            rate increase may further impact   •  Implementation of EU-Emission   by the addition of new Soda Ash and
            profitability                     Trading System Phase 4
                                                                               bicarb capacities by domestic players
                                                                               in India and uncertainty in Chinese
                                                                               production























































                Magadi plant


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