Ann: Cokal Secures 12-month Revenue Stream by Chartering Barges, page-75

as frustrating as it is, I’m not sure barges 18 months ago would have made the difference.

imo Krajan was a distraction! First they needed a mining contractor to dig the product; they didn’t. Second the road was needed; took a year longer and still needs lots of work to make it more efficient. Third needed a port and loading facility; work still in progress. It might be a case of management’s ineffectiveness actually working in our favour; if we had two barges with poor loading facilities and lack of product we may have ended up in a worse cash flow situation.

importantly now we are seeing the ducks lining up! A new mining contractor who seems to be manning up to do the job. We have a road and whilst it needs work it will get product to the port. We have a port; albeit it is apparently 70% complete so won’t be great until it is up and running! We have barges; only 2 but enough to guarantee our ability to ship product. We haven’t been in a stronger position and in the coming weeks the SP will start to reflect this.

If I was looking to top up in the future, it is now or never.