Thanks Kiwi67 If a Superannuation company managed as well as...

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riverbrae

2,515 Posts.

12/10/14

18:12

Post #: 14113143
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Originally posted by KIWI67 ↑

RB
This is it. Some have been handed back and the others show the same as last Annual.

Botswana Coal Projects
The Company is in advanced discussions in respect of the two remaining Prospecting licenses (PL 340/2008 and PL 341/2008). PL341 has been transferred and the transfer documents for PL340 have been submitted to the Botswana Ministry of Minerals, Energy.

Botswana Weldon Investments (Pty) Ltd Weldon Investments (Pty) Ltd 1 April 2009
Expire 31 December 2014.
I would say zero as it will have to be handed back like PL341

South African Subsidiary
The net assets of the Group have decreased by $33,832,592 from $26,727,746 at 30 June 2013 to ($7,104,846) at 30 June 2014. This decrease has resulted primarily from the increased finance costs, provisions on onerous contract and commencement of amortisation and depreciation of exploration and development assets in relation to the South African Subsidiary.

Page 70.

Vaalbank, Project X, Vlakplaats, Wolvenfontein and Leiden have had renewals submitted for between 2011 and 2012 with the DMR. Non to date have been granted.

The Group has completed the purchase agreement with Misty Sea (Pty) Ltd relating to the purchase of the prospecting rights for Project X & Vaalbank. The section 11 approval of the transfer of the rights to Idada Trading (Pty) Ltd and Kebragen (Pty) Ltd where the Group would have a 70% and 75% shareholding respectively was granted on 27 August 2013. At reporting date the group had not received the execution date from the Department of Mineral Resources.

So Again. if $35m would clear debts and leave just $2,4m in the bank. Where is the spear cash if the SA sub is sold??????

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Thanks Kiwi67

If a Superannuation company managed as well as these guys there would be a Govt. enquiry.

RB

CCC Price at posting: 2.0¢ Sentiment: Sell Disclosure: Held
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Thanks Kiwi67 If a Superannuation company managed as well as...

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