Ann: Half Yearly Report and Accounts, page-2

Hmmm I could be wrong but I think this is the first time I've read this statement -

"After considering the above factors, the Directors have concluded that the use of the going concern assumption is appropriate. However if improved coal sales, cost saving initiatives or working capital improvements are not achieved or if the KCB Bank of Tanzania demands repayment of their combined $3.631m debt facility, the Group will be required to raise further debt or equity or divest assets to continue as a going concern. Whilst the directors remain confident in the group's ability to access further working capital through debt, equity or asset sales if required, there remains material uncertainty as to whether the Group will continue as a gong concern."

This report doesn't factor in the loss of Dangote in the future. I'd like to know what percentage of our sales in to Dangote?

This report seems different from previous reports and I'm wondering if it relates to the presidents "Something Fishy" comment.
I see it also appears that a dollar figure is mentioned for the sale of the Malawi operation - $1.182M....if I read that correctly. Mind you...looks like all this money could be used fighting off claims made against IEC ($500K in Malawi and NBC bank for $470k)


This is definitely a high risk stock these days. So much going on.
Gets me quite nervous this company...... Just have very little confidence at getting screwed by someone whether it be the Tanzanian government or someone else.