Ann: Cokal Secures 12-month Revenue Stream by Chartering Barges, page-23

This is a good release -- credit where credit due. Cap raise probably not as imminent.

But these barges still need to show up, pick up the coal and the coal needs to be sold. Too many instances in the past where barges were supposed to arrive this week/next week and they never showed up. Lets see if this is again one of those releases.

No clarification on what happened to the 2 barges that were supposed to arrive 3 weeks back. Guess we are not allowed to ask such questions ??

My model (and I have a very very detailed model on CKA -- SJ has an old copy if anyone wants it) suggests IF these 2 barges manage to operate over a 12-m period doing 2 runs a month each -- then CKA could have a operating cash flow of ~US$11 mn in 12 months at current prices. Those precious 11 mn can help them build the road, conveyor and maybe get 1-2 barges of their own. But then again...the numbers on my model have looked shamelessly aggressive based on the track record of the company, so we will see....