what's going on, page-59

You may be right about them ultimately coming good Cold. I thing focusing on their structure with BEE2, their cash, cash generation and funding position and their growth outlook is the way to look at the bull story. If there is one.

I think its a bit futile to argue that they have't mis-sold the story up to now though. I mean they have definitely missed the time frames by yrs. The resources were definitely overstated. (They reported in the half yr that they were investigating their consultants). The claim that the new BFS is for something different to the preliminary BFS is laughable. (There's a lesson in there for investors past and present on Dewitt. CCC have held back all the details for a long time. We should have demanded more info or not invested.) There has been dilution as low share prices despite saying no equity capital was required. And finally, its not as clear cut, but in my views the margins at well over $100 coal this yr have not been anything like people originally anticipated based on CCC guidance.

There have been of course some unexpected positives. Strong and resilient coal prices. The BEE2 and they way they have bought back minorities and cleaned up the corp structure. The deal with Kores. The new bank funding at favourable rates. And positive developments in Botswanna, I think? I see results due late Jan now.