botswana coal next to worthless ?, page-3

Wow Thiopia,

Let me see what you missed.
has invested US$250,000 as part of a financing for Shumba.

Sounds to me it's a bit like a deposit, not the full amount?

What's the full amount they need to pay to get Shumba?

Here's some more reading for you Thiopia.
http://www.mineweb.com/mineweb/content/en/mineweb-energy?oid=158283&sn=Detail&pid=102055

Canadian CIC Energy acquired by India's Jindal Steel for $115m
The acquisition of the Canadian miner gives Jindal Steel access to reserves of 6 billion tonnes of coal, of which 2.4 billion tonnes have been proven.
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Author: Shivom Seth
Posted: Thursday , 06 Sep 2012
MUMBAI (MINEWEB) -
Jindal Steel and Power has acquired Canadian miner CIC Energy Corp for $115 million (Rs 6.4 billion), in a deal that will give the Indian firm access to 6 billion tonnes of coal reserves in Botswana. The Indian company has said it has no plans to bring the coal to India at the moment, and that since South Africa is power deficient, it is in talks with the government to set up a 1,200 mw power plant in Botswana to serve South Africa.
The CIC deal comes close on the heels of the Indian company's $2.1 billion Bolivian mining and steel venture deal that was scrapped in July. Jindal Steel has written off $101 million (Rs 5.7 billion) in the June quarter on account of the terminated Bolivian venture.
Interestingly, another Indian company JSW Energy had offered $446 million (Rs 25 billion) for the same company in 2010. CIC Energy owns and develops coal mines in Botswana in Africa and its thermal coal is used primarily by power plants. The acquisition with JSW was scheduled to be completed by March 31, 2011.
However, the Canadian firm failed to fulfil the buy-out conditions within the stipulated time frame, according to JSW Energy Chief Executive Officer L K Gupta. After several extensions beyond the last agreed date, the merger was scrapped.
CIC Energy, which is developing the Mmamabula Energy Complex at its Mmamabula Coal Field in southeastern Botswana, has long been a target for power companies from emerging markets for its reserves. A thermal plant needs 3 tonnes of coal to generate 1 mw of electricity.
CIC Energy's planned complex consists of an export coal project, one or more power projects, and a potential Coal-to-Hydrocarbons project. Coal is needed to run both steel and power plants and accounts for 40-50% of total costs in these sectors. CIC has reportedly spent Canadian $246 million on the Botswana project.
Since coal in India is high in ash content, private power generating companies depend on imports. Indian companies typically import coal from Indonesia, Australia and South Africa where reserves of the resource are abundant.
Jindal Steel and Power is one of India's major steel producers with a significant presence in the mining, power generation and infrastructure sector. With annual revenue of $3.5 billion, the company is part of the $15 billion diversified O P Jindal Group.
Jindal Group's chief financial officer Sushil Maroo said the miner would invest an additional $700 million to develop the coal mine as well as install a 300 mw power plant in the landlocked Botswana region over the next three years. The Canadian firm will get delisted after the transaction. Maroo added the acquisition was part of the company's strategy of acquiring coal mines abroad.

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Conti has defined a 2.2bt JORC resource close to CIC, with an additional exploration target of 5Bt