Makhado, page-2

Some of my estimates:

Makhao currently 100% interest by CZA (Boab)

Proposed Interest
Hengshun 34%
BEE 26%
CZA 40%

Capital Cost approx. $600m AUD
Hengshun 34%
BEE 26%
CZA 40% $240m

$155m AUD to be raised hopefully from sale of 34% to Hengshun
$90m AUD remaining needs to be raised for CZA's share of captial exp costs.

Target ROM 12.6mtpa for 16 years
5.5mpta yield
Hard Coke 42% 2.3mpta
Thermal 58% 3.2mtpa


Thermal coal price for break even - ?
Coking coal price for break even - ?

Yearly CZA Admin Cash Burn - ?

UNV profit per year attributable to CZA -
(NCC and Kanagla)