Christem, spoke to management this morning and the upshot of it...

Christem, spoke to management this morning and the upshot of it all is that all takes time in SA as we know. Infact we are still waiting for ministerial approval for increase in holding for W1 which was applied for months ago.

With regard to Apex, the 49% is unaffected, we will have this holding no matter what, just awaiting the appeal to go to the extra 74%. Again timeframe is impossible to determine when the result will come thru, needless to say managements sources indicate that the previous ruling went against the grain in terms of the current laws and are confident decision will allow the increased holding to occur. Its all about the BEE like W1

My other matter I raised is the financing for Equip & Mine Construction and how it would be raised, insto's, capital raising ? They will determine that at the time depending on the market at the time and what Banks are willing to do.

Enviro & Mining approvals still coming along and any coal offtake agreements will be looked at after BFS stage.

Basically, get your money in and put em in the bottom drawer as its all about 'time'