update, page-19

SS

For the record Eskom do buy the same coals as what the Indians are after. Eskom buys a range of calorific value coal as each of its power stations are different and take high and low value coals.

The Indians are after a low grade coal that will blend with their even lower quality coal so yes they are competing with Eskom and that will cause issues. Major issues. Just look at what Indonesia is doing to try and limit similar low quality coal going from there to India.

Agree completely that this isn't likely to be the issue. The issue is likely that the banks want plenty of contingency funding in place and a number of contracts firmed up before funding is advanced. The banks consultants may well have identified some other aspects where they wanted clarity and given what RES has stated to the market in terms of timetable to development, this may not have sat well with PJ. All speculation of course.

But end of day, still a lot to do before RES gets close to finance and close to production