I have been informed that ABSA funding is available to draw down...

I have been informed that ABSA funding is available to draw down NOW - all conditions have been met. CCC have chosen not to access this funding to avoid paying unnecessary interest costs. Another point worth noting is that Mashala do not receive any profits from Ferreira, as CCC have funded all development costs towards that project (eg. construction of new pit) - which explains why CCC have been in no hurry to pay the ~$9.3m to fully acquire Mashala.

A fair chunk of the Ferreira export coal was going towards repayment of the $15m EDFT loan. From the last report at end 2011 approx $5m of this had already been repaid. Given that CCC have not drawn down any of the ABSA facilities, I assume that CCC continue to pay down the EDFT loan, which would impact the revenue/EBITDA statements.