Racing to look at a few quarterlies this morning. Some...

Racing to look at a few quarterlies this morning. Some excellent, some bad, one as ever, a bit of joke.

I mean, come on, they pulled the EBITDA stuff and the cash flow and now just report gross profit from ops that has halved and hitting nearly zero. You can't avoid losses by reporting only the GP line!

Ferreria which has been a disaster from early on in my view (remember the Paydirt article when we first heard of problems) is going to run out of coal next quarter it seems. Unless govt approvals come through for the expansion which is only 18mths anyway. With coal prices where they are, probably better just to close it. Of course, then it will have to be rehabilitated. The rehabilitation provision for Ferreria and Vlak being $8m in the annual report. Those guys must have been laughing when they sold Mashalla. Imagine if coal prices hadn't temporarily spiked on Aussie weather!

The ABSA facility which seemed to drop from $65m to $35m previously, appears to have dropped again to $30m. Unless $5m has been drawn but I couldn't see that mentioned.

That are taking alternative action on Vanmag is good I suppose. Not best timing though I would have thought.

Sounds like another $2m overrun on Penumbra.

I don't see any sign of the BEE paying their share of development costs on Penumbra which supporters of CCC had suggested would be the case. And it explicit now that the BEE wont allow the cash to go out of SA. That sounds like a bad deal for Australian shareholders. I mean that cash was supposed to be paid for the BEE's shares in CCL. That is, it was for Australian shareholders. The BEE wants it kept in SA and use to fund development for which they get the benefit of as well. Doesn't make sense to me. I guess they can negotiate whatever they want but its not what was expected when this BEE deal was announced. The shareholder agreement mentioned in the quarterly should be disclosed to investors. Its your agreement with the BEE about what your real ownership rights are and management keep it to themselves.