Ann: Quarterly Activities Report, page-13

Hi Nuke - no need to apologise. It can take up to ten years to build a great company, particularly when you have had the coal cycle against you. The IEC team on the ground are doing a terrific job and have responded well to the Govt of Tanzania requesting a lift on coal production and sales when they have been so capital constrained. The working capital position is significantly improving and they are dealing with legacy creditor issues. Margins are significantly improving with the increase in coal prices. The enterprise value/ revenue is irrational for what is a regional quality resource. The team have been on the ground developing/operating the mine now for over 5 years. I believe they are on the cusp of generating significant positive earnings.