Syscon,Have I understood correctly that you are not a...

Syscon,

Have I understood correctly that you are not a shareholder?

In one of your posts you said you contacted the co.-

Did they actually tell you that securing the balance of funding was holding things up? I would be very surprised if they did.... You can't draw down on the rest of the facility until approvals in any case. Furthermore the balance of funding not needed till way down the track. Not ideal where we are but not the end of the world- still ways out.

Can you be a bit more specific on who you spoke to and what they have said. I would be very appreciative if you can let me know.


It has always been known that eig would front the first 350, on the condition that the co could fund the rest elsewhere... As cpl have already drawn down on the facility and spent the money - you would assume that eig would have had some degree of comfort that cpl could raise the rest...

Don't get me wrong- I am still nervous as nothing should surprise us in this market and perhaps they may fall short of funding,,,,

Surely a takeoff agreement at 73$ per tonne (or free coal) is better than no financing, so we produce some coal at a loss initially- who cares once you are up and running... There is still scope to increase the resource and production.

I think right now not many believe the long term improvement for coal or at least happy to sit on the sidelines... For us now shelving or deferring isn't an option- it's all or nothing given the drawdown of the borrowdale and eig facility....

Good luck, choppy waters still ahead...