A few comments...1. CCC have released a quarterly report that...

A few comments...

1. CCC have released a quarterly report that seems more adequate for CCL. All of those production and cashflow figures are for the total operation of the two mines, however CCC only have an 86% holding of Mashala, which in turn has to split ownership of the mine with the BEE partner. Why can't CCC report their own share of cash, cashflow and production? They don't own 100% of the mines, but they choose to report it like they do, which in my opinion is entirely unjust.

2. Just on that 86% share of Mashala, how many times have we seen them announce that they will 'move to acquire the balance' in the entity. Why don't they hold the whole lot of it by now? What happened to the announcement from over a year ago now (1 July 2011)? Isn't that why they raised capital with Socius, to acquire the balance?!

3. Suddenly there's a bit of conjecture with the Ferreira mining leases which hasn't previously been noted by the company. The May 29 announcement of this year made no point in denoting that the application process could be lengthy and that the productivity of the mine could be compromised during the process. So now they need to wait for the lease, then they will have to prestrip the topsoil and overburden, and then they can commence mining. It looks to me like production from there will take a hit this quarter, and up until now Conti didn't feel it was necessary to make these concerns known, despite having waited 2 months so far already for the Section 102 approval.

4. By the way, wasn't Conti's production guidance for Ferreira at 750ktpa of export quality coal? I can't check the company's website because it is offline at the moment, but if this is the case then their 600ktp of production for the year comes in well under budget, but they don't seem competent enough to mention this in the quarterly report? Why wasn't production to budget? Low yields? Low throughput? Difficult mining conditions? A fair question for the GM coming up imo.

5. No mention of corporate overheads. No mention of non-operational expenditure. They seem pretty damn keen to hide away those cash burn figures. Shareholders of this company should not be expected to wait for a once a year event (Annual report) to look at how much cash the company burns on a quarterly basis. What good is a quarterly report if shareholders can't track where their hard earned is going and how its being treated. I'm looking at this report and wondering if a few pages have fallen out of it on the way to the ASX, because the cash reporting is barely existent, and any cash reported is for CCL, not CCC - a bit of a joke really!

Another underpar delivery by this company, which is a real shame because JB built this quarterly up to be something to look forward to.