bfs, page-19

back to the actual BFS

there seems to be a quite a few negatives which havent been discussed

Reserves have declined from 27mt to 19mt (there was supposed to be an upgrade, if that much of the measured resource is uneconomic at a price of US$136 then its unlikely much of the 200mt resource will ever be converted to reserves)

Production has declined from 1.2mtpa to 700ktpa

no one uses an 8% discount rate for coal, particularly in south africa, this isnt a gold stock

any thoughts on this?

dont get me wrong, its a positive that at least one of their projects stacks up, but the BFS seems to have disappointed in a few areas