Sun, remember the Penn facility dropped again to $30m. As far as...

Sun, remember the Penn facility dropped again to $30m.

As far as I can tell the last time the hedging was mentioned was the update on 26 June where they said hedging established at Zar1057t. The Penn update on 24/7, the quarterly 1/8, the Penn update 30/8 and the presentation most recently didn't mention it. Strange when one of issues is the falling coal price.

It would seem very bad even for CCC to say they had established hedging if its not there. Perhaps they cash collateralised those hedges initial pending completion of the ABSA facilities. Then when cash got tight, unwound the hedges to release the cash. We wont know from the quarterly given it appears they were still in place at the end of June.