profit more than market cap, no brainer, page-34

CoAL took over NuCoal South Africa for ZAR650m in Oct. 2009

Directors left Nucoal and offload IKW in July 2011.

The ZAR650m deals:
*Woestalleen Wash Plant: run-of-mine (ROM) tpm to a maximum of 350,000 ROM tpm.

*Zonnebloem produced 2.5Mt in the year ended 30 June 2009 with a wash yield of
63%. It has a resource base of 19Mt. 49% owned by Nucoal.

*NuCoal also has three projects: (Not in production yet)
1. Opgoedenhoop (opencast and underground), with a resource base of 16Mt.
2. Klipbank (opencast and underground), with a resources
base of 4Mt (Klipbank complex);
3. Hartogshoop, with a resource base of 1.2Mt; and
Klipfontein with 1Mt of resource.