UFC the debt is way over your $50m value so not sure what your...

UFC the debt is way over your $50m value so not sure what your talking about? Did you check with CCC why they are providing NTA per share numbers which don't appear to be right? You should make sure you understand the structure here. Vital to account for fact that a lot of the debt is above the CCL level.

You can choose to be positive if you want. To some extent you need to be an optimist to invest in spec or horticulture. I am involved in both for my many sins. However, the more realistic posts will always have more value in my view. (Well except in proper reflation trade market when best to close your eyes and buy).

Not sure about your comment to kiwi on domestic coal being profitable. Amazingly, CCC only reports down to the gross profit level in the interim accounts, if that's what you mean by profitable then perhaps but not in a real sense. Its also slightly murky how they account for the wash plant costs when they report individual numbers for mines. Not sure on that.

Or do you mean just domestic delivered coal? Maybe, have they given separate numbers down to net profit for Vlak? Not that relevant though anyway, small operation and CCC Aussie only owns 40% or something. Not going to get rich on domestic coal I'm afraid! They had a good round of price rises last yr didn't they. As that wears off I'm not so sure on profits. Need to weight versus big wage rises at times in SA also. Tricky.

UFC you seem like a genuine fellow. We're not supposed to give advice its hard to do that when a stocks down a long way anyway. I have to say though, specs been coming down for a few years now. There are a cheap ones out there with simple ownership structures, strong balance sheets, net cash flow and huge upside with just a bit of luck.