top strategic move by top team, page-27

I know you have raised concerns re the capex.

18/11/09 ann...page 16

LV is 60% moisture. Simple pay back period WAS 3.3 years. Simple ROI WAS 30.1%. Thats impressive in anyones language. And those figures dramatically improve for the lower moisture coals predominant elsewhere in the world.

With the new gear...likely all those figures will improve

Since 18/11/09 capex has come down. I recall Kos saying on BRR early last year that Tincom were happy to proceed on the current capex figures of the time.

Nov 15 2010

"TinCom project director, Mr Linh Vu Dac added, We are very confident of the technical and economic feasibility of the Coldry process. We are fully engaged with this project and are satisfied all appropriate commercial and engineering considerations are falling into place,

Our internal engineering work has refined the parameters of the project, our execution planning, and continued progress is being made toward the commencement of formal external engineering works."

We see Tincom are very happy with the capex/ROI situation - and I would expect they will be vastly happier with the more definitive results the large scale test burning with the JCS gear will provide.

The way I see it, the ROI/capex issues are sorted in Tincoms mind (I can see why the Chinese would be bullish with 35% moisture)

That leaves the actual test burning as the real proof of the pudding...the last significant obstacle imo.

Economically, technically and environmentally feasible/sound. Ticks all boxes imo...but atm its still theory until the test burns are done.