Ann: Appendix 5B and Quarterly Report, page-28

The world has changed since banks offered RES funding terms 2 years ago. Coal prices (and commodities in general) aren't showing any signs of improvement in the near term and many of the majors are selling off coal assets. With no cash flow or proven track record wouldn't the risk profile of RES be too high for lenders to consider funding under current conditions? The five largest coal mining companies in South Africa (Anglo, BHP, Sasol, Glencore Xstrata, and Exxaro) account for around 85% of all production. If you were a bank, wouldn't you rather jump in bed with the likes of BHP or Glencore Xstrata?