price target 20c, page-27

Yes, that helps a lot. Many thanks. So the difference in margins on export sales and domestic sales to Eskom is not as great as I thought from just looking at CSA $23 price and world price of approx $80.

I know Eskom is State owned, so it makes sense for the South Afican Govt. to use Eskom as a proxy tax collector because then the ANC can tell the world it is investor friendly because there is no mineral resource super tax: in fact there is - the job of removing coal price upside is just contracted out to Eskom in this case, and the tax is the fat dividend Eskom can pay the Govt. from th huge difference between what it charges for its electricity and what it pays you for your coal under the CSA. I've been invested in non-investment grade countries far worse than South Africa. Every country has its particular scam, and they are all different. Iran has buy-back agreements and confiscation scams. Uzbekistan has dilution scams, bogus bankruptcy procedures, forex scams and confiscation of "returns to mineral exploration success" scams. Even the UK has some e.g. Petroleum revenue tax. I'll bear in mind what everyone has said. Thanks also to Jonathan and jm. I have no idea which stock(s?) I'll end up in. Everything depends on price on the day after I've researched them all, and it is also possible I may end up as a remnant minority holder in UCL if the bidder does not get 90% (although that perhaps is a bit unlikely). A compulsory buy-out for cash looks all the more likely.