Hi dlaurent. I have been in this stock a VERY long time,...

Hi dlaurent.

I have been in this stock a VERY long time, originally for it's Uranium assets.
I'd have to say my main animosity at the moment is towards the Tanzanian government. They have basically walked in and demanded part of our main coal mine to one of Africa's riches men. So far with no compensation to IEC shareholders.

As for management.... well they have set up Tanzania's first coal mine and have been running for a few years but are yet to turn a profit. They are highly paid (but in fairness I'm dirty towards all of the big end of town and their salaries these days. The worlds wealth distribution is way out of kilter imo)

Management have a dream of supplying a power station with 1mil T of coal/yr which has been talked about for many years. Again...how much of the delay has to do with IEC is questionable. The president recently sacked the CEO of TANESCO.
I'd argue that we are pretty much running on life support with a large amount of debt and no profits yet in sight. It might change with the ramping up of production but that also has it's costs.

I'm in the stock because I don't like selling for a loss and perhaps I still have hope.

Longer term though, we will lose a large customer once Mr Dangote starts digging up our coal and using it for himself. That will be a sales hole to be filled.
From the last announcement it looks like there may be possibilities but I believe we are competing with cheaper coal from South Africa.

If a power station was agreed upon and a PPA signed, that would be great certainty (barring the government interference) for IEC and shareholders.

Sometimes I wonder if my views are too short term but having said that, I've already waited many years with no return on my investment.

Best of luck.