1) Increased production at Vlakvarkfontein by 23% to 1.5mt2)...

1) Increased production at Vlakvarkfontein by 23% to 1.5mt
2) Penumbra planned production of 63,000 by October 2013 600,000 for this full year 13/14 and the 756,000 thereafter at full production 14/15 onwards
3) Impairment $26m to clean up balance sheet (Look at Coal
of Africa's impairments over the past 12 months)
4) All cost across all fronts massively reduced
5) New CFO appointed with excellent credentials
6) Directors negotiating refinancing of debt and con notes
7)Royalty provisions--On the royalty payments, these are payments based on planned production. They have increased because the company will be producing more in the coming years. It is a forward projection of royalty payments for the next 12 months and beyond that. The fact that they are recognized is due to the auditors having greater confidence that the production will be made and the contingent royalty payments made. The accounts are a snap shot as of the current position however the royalty payments are calculated based on forward projections of planned production. The royalty payments are to financiers who advanced funding to CCC in 2009
8) A provision for rehabilitation of Ferreira is only a provision and may not be fully untilised

Important to note.

Penumbra production once in full production is 756,000 and at USD$80/t on average taking in to consideration the hedged price and the current futures prices indicating LVF15 (Jan '15) $83.80s/t is $60m plus in revenues.
Vlakvarkfontein at 1.5m tpa at USD$20/t is another $30m plus in revenue.

Total revenues $90m plus and this doesnt even include De Witts which will be producing a minimum of 2.5mtpa of export coal. if we were to include these revenues that would be a further $200m or a total of $290m plus in revenues pa once De Witts is up and running.

Positive?? You be the judge