jv/merger between afr and nmr , page-3

allhasf, highly unlikely a jv /merger with afr.. not saying its won't happen but very highly unlikely.

1) no synergy created, afr resource and quality is lower

2) NMR is sitting on a 70BT coalfield waiting to be dug up. we have enough coal for everyone, domestic and export

3) botswana 2nd power plant currently under construction, suitable for lower quality coal. everyone is eyeing a piece of contract with the govn. holding hands with the govn is often needed when operating businesses in countries like africa and asia. again, we don't need afr.

4) export coal (long term)-- jv/OT/TO by the indians/chinese make sense. all new and future power plants are built to handle lower quality coal. NMR has plenty of high and low grade coal fits the bill. don't need afr.

5) or management might not do thermal coal export at all. in 10 yrs there will be twice as many producers. export price may not be attractive. why waste time now.

6) botswana is entering modernization. why look far when opportunity is under our nose. options like domestic demand, synthetic diesel and gas, plastics, fertilisers, fly ash... serious monies to be made! scoping is study underway..

jimo.