Empty, take into account the presentation was commissioned by...

Empty, take into account the presentation was commissioned by CCC, it is a high cost producer of low grade calorific value coal, the Botswana coal is extremely low calorific value. Low calorific value and high cost producer is a bad combination, very much dependant on price to make any profits, let alone accounting for management expenses.

These commissioned reports are nothing more than marketing and promotional exercises, and must be heavily discounted to reflect reality. Not worth the paper they are written on IMO.