profit more than market cap, no brainer, page-155

40% for niche market, 60% for export. Grade A coal peas maybe around 700 Rand/ton in domestic market which is very attractive. For export, you need pay around 200 Rand/ton for rail and port cost on top of production cost.

For example, if production cost 350 Rand/ton, export price $750 Rand/ton. You got 150 Rand/ton premium for it. This is the situation in last May when API4 around $89, exchange rate between 8.5-8.8 Rand:1USD. Now should be roughly the same.

Production depends on debt facility, All major jobs done, 3 months for pipes and box cut, If debt deal done in May, first coal in August. Don't worry off-take agreement, it can be extended. We should have around $3 mil cash left. We should have some update in Qly report by next Wednesday.