so what's with gs, page-9

I think the key here is whether the Company actually begins delivering from PT Par in November. Note from the Annual Report (pp. 5-6):

"...Over the last 12 months, SEAER has been actively developing business relationships in Vietnam that include potential mining collaborations, off-take opportunities, as well as infrastructure development and management. The first supply contract from SXI's presence in Vietnam is an offtake agreement entered into with Vietnamese coking coal producer Coal Mi Danka Company JSC (a subsidiary of the energy group Ancom (Vietnam)) for 120,000 metric tonnes of coal from PT PAR at a fixed price of US$120 per metric tonne FOB, to be delivered over a one year period. The first shipment of 20,000 metric tonnes is scheduled to occur in the first weeks of November 2013, with proposed monthly shipments thereafter."


We don't yet know details of the profit margin on that first (US$14.4m) supply contract, of course ...but whatever it is, it's likely to be a substantial proportion of the present lamentable market capitalisation of SXI.

And how promising that the contract is being described as the "first" supply contract from SXI's presence in Vietnam!

More of this to come?