Ann: Cokal Secures 12-month Revenue Stream by Chartering Barges, page-53

Not sure which part is interpreted as being 'negative' as I just call it as I see it. Delays along the way have occurred, barge issues are known, sales of coal thus far have been at best scanty and lower than expected. Don't believe I've alluded to total doom and gloom as others have but more a case of pointing out what has been promised and thus far a bit of a hit and miss.

Agree on work progressing and ultimately once things are in place albeit with inherent delays, CKA intends and will sell lots of coal thus generate revenue and ultimately profit but of course such is also dependent on demand and thus coal price - if only the company could have capitalized on selling coal at those elevated prices not that long ago.

As for time lines - well such can and will be pushed out somewhat as time goes on due to various risks - weather, rain falls affecting river levels, road conditions, mining rates, equipment issues etc. But as with all mining risks abound but some can be mitigated - though looking at nickel miners even mitigation cannot solve all issues. Coal itself has been on the nose with policy makers and expected price increases for coal by some miners have not materialized.

The opportunity for some to load up with 'cheap' shares has presented itself in the last few days - perhaps due to some disgruntled holders selling out. Haven't sold nor bought thus any perceived 'negative' commenting has no ulterior motive on my part - can't speak for others though.

There's a saying in the electrical trade - if it ain't broken don't fix it. However, I will add that if a system can be improved than improve.