reasons to be cheerful, page-14

Hairy,

What has become obvious over the last 6 months since Don Turvey has taken control of the South African operations is that the operational side of the business (SA) and the administrative side (Aust) have been seperated.

It appears that all the funds that are needed for the SA operations a readily available through Soice, Abu and the Koreans directly for the SA operations.

All the financiers, reading between the lines, are very reluctant to hand funds over to the Aust management team. DT has put a halt to the O-Kap consultancy drain.

This can be evidenced by the required loan from Range Resources to CCC and the wording of the recent announcement.

The only way that the Okap team can continue to drain the company is via new cap raisings to fund new developments in Columbia etc

I can see an MBO of CCL led by DT leaving CCC with a lot of cash and some leases in Botswanna.

I do not see Don Turvey having any problems raising money by himself to fund the buy out.

The shareprice languishing at these levels, the inability of the current management to attract a major shareholder, the disturbing reputation of the current management with institutions through out Europe, has not gone un-noticed by South African management.

Unfortuanely, not good for existing shareholders.

Cheers