jb 3

And interesting to see comments on my email to you!!!

Directors fees issued at close to a 100% premium to share price - a further alignment of interests to see a substantial share price.

Royalty payment on an initial $20m financing done at a premium and during the GFC and issued at holders election - and note still very much holding stock.

Stock issued to Village at +75% premium at the time with options at a greater premium - would shareholders now like to see these exercised at +150% premium to where we are trading?

Debt raised and converted to equity yes, but look at where the majority of CCC's funding has come from - debt markets and well structured. EDFT's US$20m funding being repaid through deliveries since November 2010 - non dilutionary. ABSA debt funding being repaid from cashflows with actual repayments sculpted to ensure 100% debt coverage and repayments 'secured' through a hedging program that is at +US$100/t. Penumbra costs of approx US$50/t means annual project cashflows before debt servicing of up to US$20m so more than sufficient to cover max annual debt repayments.

VanMag brought in approx $10m that allowed us to purchase minorities in Mashala. Much delayed yes and very good to close a deal with a Chinese group in the current market when many others have failed.

Yes EBITDA hit by global fall in export prices, whose haven't. But we have not closed mines nor have we shelved projects that are uneconomic, rather we are focused on delivering the next mine to production and advancing further non core asset sales.

Yes we have issued approx 150 shares which with the asset sales we have completed has brought in approx US$18m in capital and reduced debt by over US$2m through conversion. This has certainly not had the dilutionary affect that a heavily discounted placement or rights issue would have had if we had gone to the shocking equity markets we find ourselves now in.

Not suggesting all rosey, or looking at it with blinkers on, but hey we have achieved a lot in terrible markets and adverse investment sentiment towards South Africa and thermal coal.

Plenty to do of course and certainly its heads down at the moment.