valuation, including penumbra, and misc notes, page-4

Thanks Mihal.

Forgive my memory loss,if thats whats to blame.But did Don give any solid indication that the resource would be added to DEFINITELY at Vlakvarkftn(at the AGM)by whatever means, be it drilling and/or acquisition.

Dont want to answer for Mihal on the DeWitt numbers GS but as Mihal as hilighted in red,I think this is for the COMPLEX not just DeWitt on its own.I take it that Mihal is extrapolating the DeWitt pre-feasibility numbers into Vaalbank and X as these will more than likely have very simliar seam characteristics to DeWitt.

On a general note,looking at GS's post,I think this is where a little doubt comes into the market attitude to CCC in that there MAY be some costs that are difficult to nail down by the general investment community.

I think the general attitude of the average fundamental HC investor is pretty definite in that the margins at export thermal prices above $100/T will be very good anyway no matter what the overheads.

But we all know that the much bigger money will not invest in such operations until they see evidence that the extreme bottom-side risk is virtually nil.

In a phrase,they dont like risk!

I think they will only put their cash down if CCC can demonstrate that these ops will have long term revenue and solid margins no matter what the price of thermal coal.

As we talked about before CCC has really only scratched the surface of global investment with only a relatively small involvement of this larger cash and imho the above is why there is still doubt with this money moving into CCC in a meaningful way,although the last week or so has seen some pretty big buys.But then with CCC its hard to tell the trees from the jungle in terms of traders V's genuine fundamental buying.

Ultimately CCC's reputation will be built on showing the world that their operations can produce solid cash numbers and this is why Mr Brewer was so keen to get these next couple of Qtrs results to market.

d.