downtrend explained, page-20

Take a look at page 99 of the competent persons report, in particular the projected earnings for 2013 at Ferreira. A loss of ZAR4M is expected! If we can't turn a profit at a mine, then how can we possibly turn a profit as a company.

Not quite sure what the problem is here?? It's forecast to close in mid-2012 so the 2013 forecasts are basically just "cleaning up." 2013 will only produce about 15% of the coal it will produce in 2012.

So they will make a minor loss in 2013 but a forecast R61M before tax in 2012, for an NPV of R42M, including rehab costs. That is a pretty good asset IMO, somewhere around A$5-6M.

And you can see when the rehab is starting - 2012, finishing in 2013. Because about 90% of the total rehab costs are allocated to that year.

I don't really care about this buying coal to extend the life, IMO the best outcome for CCC is to follow that plan and close it down.