The writing was on the wall long before the aforementioned...

The writing was on the wall long before the aforementioned operational issues at Penumbra. Ironically, it was the operational performance of the mines that had kept the company above water for so long, because beneath that image is a 4 year debacle all brought upon by an outrageously aggressive and amateurish approach to capital management that could have only ended in disaster.

Here's a few of CCC's biggest administrational failures over the past couple of years:

Bergen notes (arguably their biggest failure imo)
Vanmag sale
SIOC
BBBEE transaction and the one-way money flow arrangement
ABSA funding
AIM listing
Registry Consolidation
Mashala settlement
Village Main Reef
Hiring specialist European directors

It was not the coal price or the mines themselves that caused this. Brewer, Landau and Turvey should hang their heads in shame. From its highs of 92c 3 years ago, the fall to 2c and ultimately 0c has been a tedious one for shareholders, and hopefully everyone can move on now from this trainwreck.

To think I used to be such an advocate of CCC in mid 2011...