http://www.conticoal.com/fileadmin/content/files/Reports/GMP_2911...

http://www.conticoal.com/fileadmin/content/files/Reports/GMP_291111.pdf


Continental Coal financial summary Year-end 30 June
Valuation A$m A¢/sh Forecast assumptions 2010 2011 2012E 2013E 2014E
Vlakvarkfontein O/C (DCF) 63 13.2 RB spot (US$/t) 76 111 121 133 125
Ferreira O/C (DCF) 19 4.0 Blended local coal price (R/t) 260 320 352 385 420
Penumbra U/G (DCF) 96 20.1 USDZAR 7.6 7.0 7.0 6.9 6.9
DeWittekrans (DCF) 43 9.0 AUDZAR 6.7 6.9 7.4 7.3 7.3
Vlakplaats 19 3.9 Production summary Ktpa 2010 2011 2012E 2013E 2014E
Other assets 26 5.4 Vlakvarkfontein O/C 63 888 1,218 1,259 1,259
Net Debt 2 0.3 Ferreira O/C 0 361 728 812 0
NAV 267 56.0 Penumbra U/G 0 0 234 585 585
Price target 56 All projects 63 1,249 2,180 2,656 1,844
Price target (GBp)