Ann: Investor Presentation, page-2

"Dividends once NCC profitable" - assume this is upon a financial profit being turned at the segment. So probably circa 2018+?

I did manage to read a few APP reports briefly, nothing in depth, but will take everything with a grain of salt as they've been commissioned by management. And we all know things are always rosier when your paid by the target of your analysis!

If they were to back their calls and load up on shares - sure. GIven they see such an intrinsic difference...

I wil note the remainder of this year will be crunch time. It is mentioned that the fixed export prices for NCC tie up to end of March 17, so spot prices of circa $79/tonne will have commenced in April.

If $79 or $80+ holds until end of Dec it would be a big cash cow for the company. Add that to successful delivery of the remainder of this year's milestones: open cast ramp up to full capacity, Kangala export sales recommencing, and the NCC export hitting full capacity - and it could make or break a great year.

Always be good to see how Brakfontein etc turn out... but I assume financing is being sorted as a just incase... to push the button on these developments. Unless mgt is still tossing up acquisitions.