time for a new thread?, page-3

Below I have cut and pasted an article I came across on the Eskom Website. It talks about a three month delay for the commissioning of the first unit of the all-new Medupi Power Station. I wonder if this could explain why FSE has announced that it too shall not start mining until July 2012??? Maybe next Tuesday's AGM will reveal answers...


14 September, 2010: Eskom is concerned by comments that have purportedly been made by third parties, outside of the electricity company, on its capital expansion programme as stated in a Reuters article today.
The Medupi power station has not been delayed by two years, and reports suggesting this are not true. Eskom has previously mentioned that there is a potential three-month delay on Medupi for the commissioning of the first unit to September 2012, with additional units coming on stream individually every six to eight months thereafter.

Finance Director Paul O?Flaherty says, ?Various "scenarios", including stopping the building of Kusile or delaying Medupi for two years, have been run for the Department of Energy?s Integrated Resources Plan 2 (IRP 2) modelling but they are no more than scenarios. In particular, Eskom has submitted a proposed funding model for Kusile to the Government. A decision on it is imminent following which Eskom will be in a better position to comment on how Kusile will be funded. The Government and Eskom are 100% committed to building Kusile?.

Costs for Medupi are R125bn and for the second power station Kusile R140bn, as previously announced. These costs include estimated interest to be capitalized on monies borrowed to fund these projects.


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