10c, page-46

Hi SaberX - reading their quarterlies and press releases it is clear that the Eskom price is locked in with adjustments for inflation (up or down - the latter never happens in SA). It is definitely not linked to the export price, so no downside risk or upside opportunity. Spoken to their CEO many times about the Eskom contract and he has always maintained that for a start-up Eskom is not a bad way to go and that although you cannot participate in the upside, you are protected against falling export prices. This reduces the risk significantly as they only have to worry about containing costs and not about issues outside the sphere of influence = low risk...