Meeting was very good - most points are in the pdf presentation....

Meeting was very good - most points are in the pdf presentation. Mood was subdued, with a lot of questions about the SP decline & capital management You've heard all the answers already here on HC, ie. crappy markets for spec stocks, too many retail investors, not enough instos, SA political/risk issues, entire coal sector down (cf DJ Coal + Peabody chart), missed deadlines, etc. One shareholder pointed out to DT in the meeting that it was stupid of him to state CCC wanted to raise $30m on AIM in a press article early this year - PL & JB said they told DT this was a bad move & not to do it again. See page 5 of presentation for more details.

Botswana coal quality reports should be out early 2012, esp. as drilling finishes next month & CCC have to inform Botswana govt which sections they want to relinquish by end Dec 2011. Already know which sections of Serowe leases to relinquish (areas with no coal). CCC ideally would like to see Botswana through to production - but until all drilling results are in, and more info emerges from the Botswana Govt's Coal Road Map (re: infrastructure/rail lines for export) - it's too early to tell how CCC will use these assets. DT mentioned "consolidation opportunities" in Botswana.

Vaalbank - still talking with Total re: a JV at Forzando, but DT said it's too early to know when they could start producing coal there. Probably not til 2013, from what I can guess.

Wolvenfontein - possibility of JV with neighbouring mines/projects connecting. KORES also interested in Wolvenfontein resources. More details in the BRR out this morning.

Vlakplaats - currently drilling there to improve confidence of resource. 6 drilling rigs from Mashala not being used - cheaper to hire drill contractors. Drilling is very cheap in SA, as there is an oversupply.

Conti are definitely looking to acquire operating coal mines near the Delta operations, which don't have their own wash plants. Still a lot of spare capacity at the Delta plant & the Anthra rail siding can be upgraded, if necessary. DT was very keen to emphasize the strategic advantage of this rail siding - such that even during the May/June maintenance works on the RB line, CCC were still able to send all their export coal through to RB.

Note that CCC have already paid back $4.1m of the EDF coal loan via RB export coal.

Socius want CCC management to do presentations in USA to some funds - organised by Socius, so obviously Socius are keen for other US funds to come on board. One shareholder raised the issue of Socius not meeting there sub holder obligations (ie lodging 604 forms on time) & asked CCC management to be more proactive on this.

Expect to acquire 100% of Mashala before end of year.

VanMag - this is all down to PL & the Chinese buyers - PL reckons it should be through in next 2 weeks. The Chinese have already spent a lot of money developing the resource, so it's definitely going ahead. Hitches with arranging Chinese finance (state bank) have caused delays. DT & the board have been putting a lot of pressure on PL to get this done ASAP.

Kenya looks unlikely (IMO), given what the Chinese Fenxy group paid for their 2 coal blocks - CCC will only take a coal block if it's given away for next to nothing. News on this should come through before end of year.

Ongoing efficiency targets - definitely will apply at Penumbra & DeWitt, which will be operated directly by CCC - Vlak & Ferr are contractor based, and they are reviewed annually for performance. So far both contractors at Vlak & Ferr are performing exceptionally well. Delta plant operators are also breaking production records & performing extremely well.

DT spent a lot of time emphasizing the operational achievements of CCC (increasing production, sales, etc over last 18 months), and the fact that they have managed to sell all the export coal they've produced, and have actually held back Vlak production to match sales orders. Can ramp up Vlak production significantly if needed.

Has Conti received any take over offers? - there has been some interest, esp. from India parties - but nothing serious. PL has said to them that they need to start buying on market to show how interested they are.

Are Conti still aiming to extend Ferreira? If so, how many years could be added to the mine life? Have a look at the presentation - yes they are, to extend F. by 2+ years

Don is looking at the Colombian Coking Coal option - didn't give any real details - he is very keen to get CCC exposed to coking coal, and not just in Colombia.

SIOC-cdt will soon hold a press conference in SA to publicize their partnership with CCC.

M.

This stuff is all off the top of my head, from memory (no recording this year) - so it may not be 100% accurate. Happy to be corrected if I got anything wrong. PLEASE don't rely on my post, as my memory is fallible!! - if you have any doubts or questions, call Don or Jason for clarification.