How times have changed., page-8

IEC is continuing to accumulate strong operating cashflow from higher volume take or pay contracts set in the last 6 months applying it to paying down aged creditors and bank debt, as it marches on to be a mid-size coal producer by 2021. The recent outcome from the NDC case shows that the Govt of Tanzania is increasingly dependent on the tax and royalty revenue from Tancoal and will not stand in its way as it is a major employer in the south west of the country. The Caspian matter whilst a distraction, when resolved very soon will see IEC re-rate significantly. Potential for FY19 EBITDA to be $6-$8m and therefore the enterprise value should be at least 3-4x today's market capitalisation of $6m with momentum to the upside.