fin review article, page-8

I think this shows a far more realisitc approach which reflects more the way FSE is also thinking.

They have taken cognisance of the high railage cost to the ports and also the fact that the neighbouring eskom stations are fully committed for supply by Exxaro. i actually doubt that transport of 20 Mj/kg coal to Witbank is even a financial option.

Bulk mining will result in increased capex (machine size) per unit but because of the lower output forecast the fleet will be smaller, therefore a bulk capex lower than initially envisaged, lower revenue as well, of course!

Opex will be slightly lower due to economy of scale.