re: Ann: Update on Option to Acquire U.S. Coa... What a...

re: Ann: Update on Option to Acquire U.S. Coa... What a surprise! Another delay.

Speaking of delays what did actually happen to the project in South Africa?

The quarterly reports for 1Q2011 from 29/04/2011 as well as the following one for 2Q2011 from 28/07/2011 said that "River energy plans to commit to constructing a plant by the end of 2011".

The next quarterly report published on 31/10/2011 repeated that date, saying that "River Energy plans to commit to the construction of its first coal fines upgrading plant by the end of 2011."

This date was postponed by the quarterly report from 31/01/2012 stating that "following completion of the final DFS, River Energy expects to commit to the constrution of its first coal fines recovery and upgrading plant in the second quarter 2012."

In the next quarterly report published on 30/04/2012 they still said that "River Energy [is] on track to commit to first coal fines recovery plant and upgrading plant in South Africa in Q2 2012 - 500,000 tonnes p.a."

According to the quarterly report from 31/07/2012 they then expected "to be in a position to make a decision on whether to proceed with the project by the end of September 2012."

The quarterly report from 30/10/2012 - 11 months after construction should originally have been started - surprisingly said Optimum had not "completed their final technical analysis [...] and River Energy still awaits a final decision to proceed with the project from Optimum".

As of 23/11/2012 they did no longer mention any particular project but stated that they "are currently looking at a number of project options with Optimum as part of their study review process."

21 months after the first announcement that hold out construction to begin by end of 2011 the quarterly from 31/01/2013 let us know that "the proposed project at the Optimum Colliery has been disappointingly slow" without further disclosing the current status.

Shouldn't shareholders at least get a detailed explanation for these discrepancies?

Not to mention for how many years the ramp up of Tabang was postponed and eventually never happened.

I cannot help feeling that something is going terribly wrong with WEC.