european debt crisis, page-19

As I see it CCC's value is related to three factors.

Having a buyer for their product.

Getting their product to market.

What the product is worth.

CCC's market cap will fluctuate as these three factors vary.

Is the Euro debt problem affecting CCC's rerating?

Well they are near $300M MC now which is getting to the lower band of what Id expect a positive revenue/profit entity to be worth.Others may think otherwise.But this is the rough model I use.

They have a buyer for their product in EDF irrespective of what happens in world thermal demand.So this can be deleted as a limiting factor in any rerating.

Getting their product to market IS a factor that the market will be looking at.This is evidenced by the two recent valuations NOT including the DeWitt complex on a DCF BASIS.As long as these projects come up to similar numbers that the pre-feasibility studies did, then its very hard not to see these as viable projects.

The products worth on world markets will result in a varying MC.But you have stated Rod that you hold for the long term so Im guessing you like the long term supply/dmeand fundamentals.

In essence I dont see the Euo debt issues as effecting CCC's MC.Its more a derisking of the company projects via BFS's and finance for those projects.

EDF has said it will take all the thermal CCC can produce from these mines so imoho its more a matter of CCC reducing the risk on the second factor in the 3 above.Thats obviosuly due to occur throughout this coming year.

It will be an interesting year for CCC in more ways than one!!!

d.