Ann: Project Update, page-37

RES is more advanced in term sof project development. WCC is chasing a deal with Eskom which will either be a Coal 3 in the Waterberg or railing coal to Witbank. WCC will have a slight rail advantage in that their link is about 10 km as opposed to RES 40 km.

Coal resource numbers in the Waterberg are meaningless, over half the resource is carbonaceous shale and mudstone, ie unsellable. Its what the final yield on product is that matters and what the market will pay for the coal that pops out.

Investors as a group rank SA with DRC and South Sudan, dont go there!