Hey guys,
The Sydney point man is signing in. I just got back from the Proactive seminar. The turnout was around 60 people.
RES presented 2nd out of the 4 that did and PJ as usual took the helm. As usual for RES they prepared some good materials similar to their annual reports.
I would expect that they would post it up on their website soon enough for everyone to have a look at. I will try and not regurgitate too much as a lot of the material is what we already know.
Cash:
8-9 million still in the bank at the moment. PJ mentioned that they expect the cash reserves to last until June next year.
Land Acquisitions:
He stated that owning the land goes a long way in mitigating issues relating to the approval process.
Offtake:
Currently in discussion and arranging both domestic and exports markets. He also added about the growing markets hungry for SA coal from China & India(especially).
Tasmania:
Not much to say other than they expect to start drilling in the next few months.
Mining Rights Application:
Before submitting a mining application, you need a social & labor plan. Obviously this has already been completed as it was submitted in February and expects approval 12 months from then.
Funding:
Not much here either other than talks have started.
BFS:
On the way, that was about it. I expect this might be around the time they sort of the funding arrangements (don't quote me though).
Infrastructure:
PJ stressed this is the current main focus in the next 12 months and a lot of work is being done so as to unlock both domestic & export markets. Have been discussing options with Eskom with regards to rail and infrastructure to get it to the Witbank power stations. PJ talked about a 50km rail link that will need to be built that will connect to existing rail network.
Ports:
Plenty of options is what impression I got. There is excess bay capacity at Durban. Also Maputo is another consider option among others.
Down below is also a summary of time-lines that was on the presentation material.
2010
Lodge Mining Rights Application
Coal Offtake
Transport
Infrastructure
2011
Mining Right Issued
Project Funding
Commence Mine Construction
Order Mine Fleet
2012
Complete mine construction
Delivery mine fleet
Jan 2013
Production
That's about it in a nutshell. Sorry if this is just repeating what we already know but progress is definitely being made and am still very confident in this coming to production.
Cheers
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