Coeus, you show up 10 years later and start criticizing what the company has been through to get to the stage it is at. Your questions are either answered or will be answered in the companies announcements except for number 4. However, if they were materially different from previous drilling results, they would have to be disclosed immediately. This would imply that there is no material difference.
You seemed to have no idea of the deal with Eddie/ICT, so lets recap for you and the other readers.
In order to get the bbm mine operational, Cokal required circa $120m usd. Which would mean for cokal to get it up and running it would have to chop off its right arm and leg.
Along came Eddie and Karan with a plan to develop BBM for $20m with China Rail. This fell through and Eddie decided to do it himself through ICT.
Realizing cashflow would be a major issue Eddie, Karan and Dominic devised an offtake agreement where ICT would prepay for coal in return for a 6% discount (the same as Cokal gave other offtake partners). All the details have been announced by cokal including pricing.
The details you keep on repeating are also found in the company announcement:
The ICT offtake agreement is for 8 years and 8 million tons, it was signed in 2021. Each year Cokal informs ICT with the amount of coal that it will supply ICT. Without this agreement, Cokal would have been starved for cash.
Hopefully people can make their own calculations as to the viability of the project and not rely on a keybord warrior. If you don't like it, make Cokal a better offer.
CKA Price at posting:
8.8¢ Sentiment: Buy Disclosure: Held
