price target 20c, page-4

Does anyone know what happens if they fail to get the mine into production on time? Will they be forced to buy in coal at nearly 4 x the price they are contracted to supply it to Eskom at?

Eskom seems to make this comnpany work its rear end off using all the machinery at max capacity just to satisfy its voracious coal appetite (there is no spare capital for extra machinery to cover break downs?). I expect it is prudent to assume the first coal sales to suffer to keep Eskom happy will be those high margin export sales and not the low margin stuff to Eskom. Machine break-downs, floods, strikes, derailments and guess which sales suffer first? Yes, I bet it is those high margin export sales.

Can someone explain to me what the synergies are from Brakfontein? Yes, I know it is only a short distance away but apart from a higher output of coal per unit of "head office and admin" costs what are the real profit boosters/synergies from Brakfontein coming on stream given ownership of only 50.29% of it?

By the way, before you slag me off for asking these questions, I own about 27 shares from a former incarnation of this company - so of course I've never bothered to read anything about it until recently, and I maybe useful to you in that I can attend the AGMs in London and can ask some questions, if that is of any help (although it will be embarrassing with so few shares!).

Can anyone explain Matthew Trivett's headline grabbing assertion (the Patterson's Broker note) that Kangala is fully funded to production while he shows in the "2014F column" new equity of Aus$5m being raised? (I have read the 5 bag Helmsec broker note). I am asking about Trivett's work.

What happens if the rand devalues? Can an increase in coal price be pushed through on to Eskom or is it only diesel and labour costs that can be passed on? Thanks in advance.