I have to agree with you Rob, yesterday I did a little bit DYOR but nobody seems to have a clue where this coal will go to. Unlikely that Noble would have a direct line to ESKOM, they don't use traders openly. However there are number of "emerging" suppliers with ESKOM off-takes who may actually "front" and buy from Noble.
All very cloak and dagger, and smells of the 80's sanction busting stuff.