News stories, page-44

Received a reply from Mr Robertson. I don't think there is any harm in placing it here on this forum as HC is a good tool for conveying information.

"Tancoal has been set up as Dangote has refused to sign a long term contract as instructed by the Government last year and has not sent enough trucks to pick up coal so that they can say we have not delivered enough coal.

They will have a coal lease in the Ngaka Coalfield where they have already been exploring but easier to take some of our area. We are working with Min Energy and Mines to define an area without affecting our own operations.

In the meantime there has been no affect on either our production and sales and we continue to increase production to supply to customers (including Dangote). Our man problem is heavy rainfall during February and March.

Understand that President has fired Pres of Tanesco and suggested that power stations will be built without Tanesco. We ar working with our partners to determine an early approach to the power station project."

Interesting how the media can twist things to make out that IEC hadn't been supplying enough coal when in fact it was Dangote not supplying enough trucks.

Although I stated I wasn't rushing for the exit, I'm sorry to say that I sold half my holdings today.
Whilst I want this company to succeed, I had far too much capital invested in such a speculative stock.

The Tanzanian government has me VERY nervous as an investor and to that end I've reduced my exposure.
I find it reassuring that someone is buying up and I still stand by my previous comment that the next announcement should be a good one. It's primarily the government that has me reducing my holdings.

Fingers crossed this still gets up and hopefully a power station will eventuate one day.