Ann: Dividend Policy, page-38

There's flood in SA, disrupting logistics in both the Durban and Richards Bay port. From what I read on annual report, TER uses both ports for exports. Let's hope TER doesn't get affected too much.

Very curious to find out our EBITDA/ton for TER's SA operations. Hoping it will be above $30/t.

One of the major issue that's holding down the profitability on the SA projects are the fixed price contracts with Eskom. Don't see that going away until the contracts expired, so I don't think we will see SA projects ever hitting $50 EBITDA/ton, until those contracts expire.

Not much expansion can happen internally IMO. So once debt is all paid off, or at least to a manageable level, TER should start looking into other coal projects, whether it be strategic placement or takeover.