SIOC-cdt still owes CCC another ZAR75m - and this is only for the balance of the accrued Masawu loan to CCC. SIOC-cdt will also need to pay 26% of development costs for Penumbra, as well as Ferreira extension, etc. As far as I know SIOC-cdt have no share in the Botswana leases. Remember that is not the norm in SA to have a BEE partner make upfront CASH contributions for their shareholdings. Time will tell if the SIOC-cdt BBBEE political/"social licence" leverage is worth anything.
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A very ugly day for CCC - they keep kicking goals (yes late, but better late than never) & getting kicked in the guts. A vicious "risk off" phase at the moment on the ASX - only bright spark on my watchlist today was AVH, a biotech stock. All 20+ other resource stocks hammered esp. Botswana coalers NMR & HDG.
Some words of solace from the Oracle:
I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.
Only buy something that you'd be perfectly happy to hold if the market shut down for 10 years.
Time is the friend of the wonderful company, the enemy of the mediocre.
We believe that according the name 'investors' to institutions that trade actively is like calling someone who repeatedly engages in one-night stands a 'romantic.'
We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.
If a business does well, the stock eventually follows.
In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.
Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.
W. Buffett
CCC Price at posting:
14.5¢ Sentiment: LT Buy Disclosure: Held
