missing tonnage of coal, page-7

another great post 5hareholder I was trying to decipher that the other night...here is what i found in my research...your right there are more holes here than the St Andrews Golf Course..the more eyes on this the better....
In 2011 there was an $11.9M Impairment on Project X, Vaalbank and Lemoenfontein the 2012 Report states that this is due to discrepancies in estimates provided by the company's Geological consultants? Anyone know who these Consultants are at the time? The 2012 Unaudited Report states another $19.8M has been impaired and is due an Internal Review and a change in Group Strategy. WTF?
That is $31.7M worth of impairments for the two years that's twice the current market cap on Impairments alone, those Geological Consultants totally got it wrong...?????If you ask me this is not a minor stuff up. This is a MATERIAL stuff up. It seems like this is being swept under the rug by CCC Management, hoping it won't be noticed..surely there needs to be a PLEASE EXPLAIN to the holders who bought on the fanciful estimates 2 years ago.....If you look at 2011 Report we paid $9.8M of consulting costs, did we pay this to the Geological Consultants? Is this a case of Negligence against the Consultants?


Note 3 on 2011 Report...
During the 2011 financial year the updated JORC compliant Coal Resource statement and assessment, review and
audit of the Company’s South African thermal coal projects resulted in a reduction in total resources and measured
resources for both the Vaalbank and Project X Coal Projects. The Company is concerned with the discrepancies
from earlier independent resource statements and is completing a review of the previous work undertaken by the
Company’s geological consultants. As a result of these discrepancies the Company has adopted a prudent approach
to its valuation of its Coal Projects resulting in an impairment charge of $11,855,895 (Project X $10,955,583,
Vaalbank $771,275 and Lemoenfontein $129,037


2011 Report $11.9M Impairment

Note 3 2011 which shows breakdown of the $11.9M Impairment

2012 Unaudited Report - $19.8M Impairment on the same Mines

Note 3 2012 - stating 2011 was due to reduction in resource and 2012 Impairment is due to change of Group Strategy in Assets???