update, page-12

Guys

Wake up. He couldn't get funding that was attractive to the company.

He went in trying to sell the banks and a Rolls Royce and they told him he had a Commodore.

Simple as that. Banks won't lend money to him for what he wants. But fight between financiers and PJ. Please. They have what he wants. Money and lots of it. And guess what he can't have it except on there terms. Surprise. Surprise.

Big reality check. Equity will need to be raised and lots of it. An awful lot of it. Oh and the market to raise money for coal stocks is tough. Oh and the market to raise money for South Africa is even tougher.

And the Indians, well they want the coal at a discount and will drag it on for months and months. Oh and the coal they want is the coal that Eskom wants. Oh and guess who will win that one.

Guys. A big wake up call. A project based on mining low quality thermal coal that requires massive capital investment. May have been able to get it away a number of years ago. But in today's world. Wake up one and all.