Ann: Quarterly Activities and Cashflow Report-UNV.AX, page-2

Positive net cash flow this quarter which is great.

Downside: NCC - i've harped on about it being unusually slow and if you ask me the update is pretty foretelling:

"
Contractual Offtake Arrangements
Universal Coal has been in detailed discussions with Eskom with a view to finalising contractual offtake arrangements and will keep the market appraised of further developments in this regard. Development strategies seeking to supply alternative coal markets are being evaluated in an attempt to commence mine development activities within the current quarter (4Q2016)."

I never bought the whole new eskom management and takeover delaying it this long, and the last line seems to indicate the potential that this offtake agreement isn't going in the right direction if they need to evaluate alternative supply options. Good to see that my concerns weren't unwarranted in hindsight, but not great that the 'sure win' eskom contract may not be a viable path.

It's clear Kangala is plodding along, with positive net cash flow this quarter, the stripping costs outlaid and the forecast for the 4th quarter positive, we can sock that one in the drawer for now. To add value should this takeover not go ahead, or even if it does for the combined entity's sake what eventuates with NCC and a supply agreement is crucial.

Honestly don't think they're going to commence minde development on NCC in Q4 despite what they say, it's already 1 month in, i'm pretty sure if they'd had progress by now it would have been mentioned in the wording. So I am going to go pessimistic and assume nothing is going to eventuate in this quarter either.

How long does the IWUL usually take (that Brakfontein is waiting for) to be granted? Kangalas was quite awhile wasn't it?