the worm is turning in favour of the upside, page-8

It appears the market didn't notice that at 2MTpa, CCC is valued at 12cents. We are producing 20% above that figure!


5hareholder, as has been mentioned before, even more important is that the valuation is calculated based on Conti producing 2mtpa in 2012:




BUT, this is from Conti's presentation a couple of weeks ago!?



Mashala has not been taken over yet. Yes everything is in place - approvals, funding etc. However the takeover has not been completed. This is a formality and will happen in the very near future.

Once this has been done, the >2mtpa will have to be included in any valuation of the company as 2010 revenue. This is when the true rerating will happen as the valuation will be closer to 30c.

As a side note, in my opinion this is why we are having this tree shaking with the share price.

For the above reasons, this stock is a screaming hold. I certainly am not going to be playing chicken and wait in the buy queue in case of a lower price, because one we go into pre-nr or a trading halt, I fully expect the sell side to evaporate.

Good luck to all!