Sun - Mashala should be fully acquired very shortly - that is...

Sun - Mashala should be fully acquired very shortly - that is well overdue.

I am confident that Don can strike a deal to utilize existing infrastructure for DeWitt, which will reduce capex by approx $60m, plus bring the project online much faster. ABSA have already been touted on numerous occasions as willing to provide funding for DeWitt, so it need not entail dilution. Also, any possible JV partner should kick in funding - esp. if it's someone as cashed up as Glencore.

Any debt funding for DeWitt will be serviced by cash flows from Vlak, Ferreira & Penumbra. Plus Conti are targeting early cash flows from DeWitt via open cast operations.