Ann: MCM Notice of Annual General Meeting/Proxy Form, page-9

Very true about them having already paid the debt off if they were able to, there must be more to it.

Yes GSP looks as though it is separate, there are some partners in that project that may come to the table, the two partners are Black Economic Empowerment partner and Rothe investments havn't heard of either of them off the top of my head. It makes sense as GSP is right next door.

I'm sure there would be great synergies for some ASX listed coal miners to stump up some cash, another miner that I am in is starting to print cash and need more projects, however they need to pay their debt off first, slowly but surly they are, but not in time for this opportunity. They already have an operating coal mine in South Africa so it might be of interest to them.

I think that there is another US $15.7 million loan in there somewhere.

Where were you getting the $14 million EBIDTA from?

This is the current ownership from MCM's website



Some pretty rough calculations.
So I am unsure whether MCM currently owns %25 or how it works with the government agencies involved.

Phase 1 is approx .54Mtpa of HCC and approx 0.57Mt thermal

Phase 2 is approx 1.6Mtpa - 1.8Mtpa HCC

So it is only approx 2 to 2.5 million tonnes a year of HCC

So lets say, HCC 2,000,000 x say $140 x %25 = $70 Million

$70 Million obviously costs have to come out of that. That is if they can keep their % ownership that high.

Not sure of costs maybe that will come out around your $14 million EBIDTA?