Who knows what the price of coal will be when this mob finally...

Who knows what the price of coal will be when this mob finally (ever?) starts producing! They have already missed the 2011 boom and the 2016 boom. Lots of boxes to tick before they can even sell one ounce of coal. 3.5c looking increasingly difficult...and 5c - 7c just a pipe dream unless they pull their finger out quick smart.

And the best the company can tell us about the debt swap is that the Liquidator "remains supportive of the deal". But to be absolutely fair - this isn't something Cokal has any control over really as they can only speculate what discussions are taking place within the walls of the office of the Platinum Liquidator...

This only makes it worse as Cokal shares continue to trade in a vacuum while time marches on and the coffers start running dry.

Remember - the Liquidators are only going to be happy with a royalty deal if they can see that there is any tangible possibility that a royalty stream will emerge! In other words - a way for this mob to bring the resource into production...and that will require money from a financier...and a Financier is going to want to see that the debt overhang has been/will be dealt with...which leads us back to the Liquidator.

In a "worst-case" scenario - it's potentially one big circular reference.