news out columbian coal option, page-34

Mihal, don't you think they should have said how much it was producing now? That's the most important thing. Why keep that part a secret. They never tell the market the negative things. You have to assume that is the negative here.

On the funding. You didn't mention the ABSA money. $15m was supposed to be for general corporate purposes. Strange that can't be used outside of SA. In saying that, I notice the other $30m of the announced $65m ABSA funding seems to have done a CCC style disappearing act anyway. I should go and add it up. I'd say only probably a third of the funding and asset sales these guys have announced has ever actually happened. If they announce it, and its no long available, they must have an obligation to tell the market. But they don't bother.

Also, they seem to be funding Botswanna ok. That's outside SA?

The other thing that doesn't make sense on your explanation of the funding is that they don't say the cash is for buying the Columbian pearl. That's to be debt funded. Its to be used for corporate purposes including evaluating opportunities in SA. Is it really to fund working capital and development in Columbia. Shouldn't they say that? If not, how will they fund their share of columbian development, more suicide bonds?

Interesting that DT driving it. Would he drive it and issue shares at 0.135 cents if he had bought shares himself? He told me he had a cash flow problems so he wasn't buying shares. (some time ago). CCC has cash flow problems, why are they still buying stuff?

Finally, what is the trick here? How do they get to fund this 100pc with debt? Who would lend money on that basis? What are the terms of that deal? What's in it for the lender? What does "limited" recourse mean. CCC guarantees a portion of it? Or is CCC responsible for servicing but not capital. I suppose you could see that as a positive but its just too strange to me.

All in all, a brutal attack on shareholders in my view. I hope your right that it is a bargain. I guess that would out weigh the negatives. I have my doubts with no production numbers given. They will need to get details out quickly.