jb

When you look at the debt the majority is:

1. shareholder loans from our BEE partner that is only repayable from dividends from the SA subsidiary and on the basis that for every one dollar going to the BEE partner then three dollars goes to CCC
2. the project financing from ABSA (Barclays Africa) which is to be repaid over a 7 year period against cashflows from that operation - such a financing is typically based on 3 to 4 times coverage ie cashflows from operations need to be 3 to 4 times the debt amount
3. royalty payments of 50c to $1/t that are included, yet remain a contingent liability ie only payable if we produce and represent less than a 1% royalty and should really be considered an operating expense
4. convertible notes that are currently subject to a potential refinancing
5. the payment to Mashala that has already been repaid from proceeds from a non-core asset sale

As said all well and good looking at the headlines, but please he should show some respect, do the analyses and then criticise, if it is due.

As it stands we have continued to operate, not only that but close deals that are non-dilutionary - VanMag for approx. US$10m -and raise equity from a cornerstone at a major premium - Village at 8c -who also bought back small shareholders interest at a premium.

A lot has and continues to be achieved.

Off to South Africa tonight and will send an update through later in the week

All the best