2 the future, page-23

I also attended the meeting.

Tim from Sekoko offered to fly interested people over to SA to show them the coal fields. I am quite keen on taking up the offer lol.

Sekoko said they have drilled 10 of the 14 planned holes at Vleetleegt. Will probably be a month or 2 at the labs. That is QUICK WORK IMO.

Someone asked what the 'earning profile' on coal was at a nearby colliery in Waterberg ( I think it was Grootegeluk.). Apparently it is 24 Rand per tonne which is a little more than $3 per tonne.

I was keen to see what the possible risks were. Every snag I could think of seemed to have been dealt with:

- Tim said that in Waterberg they have all the pollution/environmental issues under control.

- Land owner ship, Under control. Farmers/landowners are very cooperative, unlike what people have encountered in the Wittbank area.

-8 new power stations to be built at Waterberg. Even if these power stations get delayed ( like the progress on the World Cup stadium in SA), the escalating demand from current generators leaves FSE with an easy market.
The proposed power plants are funded partly by the SA govt, and partly by a German company. Hopefully the Germans will push the progress along.

- The coal shortage in SA is not a shortage that the global credit crunch will quench. Project funding seems to be taken care of.

I think it was Lee Boyd that made a comment that " it would be hard for the newly opening fast food restaurant to go broke if it is the only one in a city with 3 million people" and stated that similarly FSE is in a good position.

For the rest, there was nothing new to hear.If there was any lurking problems management ( like all directors) were only full of positive things to say. Shareholders only get told half the story. But considering the Sekoko crew and FSE management were continually having photos taken to mark a new chapter in FSE/Sekoko history, I'd say this is a goer.They are seemed too genuinely excited for me to suspect a smoke and mirrors meeting.

Correct me if I am wrong, but i thought I heard Mal Smartt say something at the meeting like " it will be good to have Tim on the board"... I can only speculate that Tim, Sekoko chairman/ SA coal expert, might be a future director in FSE but don't take my word for it.

I heard some people whispering 85cents.. $1 under their breathe.. some rows behind me. lol. wasn't you Marly? lol. I personally have a more modest 'slow and steady' expectation.

But I get the impression there will be some big buying in the near future. If I had any more spare cash I would be loading up as much as I can. Just my opinion of course.

Regards CT