RE: Washed coal30 Mar 2022 09:30
CaptnH, CGO dug up coal but they still don't have an offtake agreement. The local Chinese steel firms don't want it. If it gets exported to South africa it incurs freight costs, border taxes and payment has to be 60% US£ and 40% Zim$ so depreciates immediately at the Zim govt controlled exchange rate. Zim press is reporting another local mine being raided by armed gangs. Not a stable country like the US. They even mentioned sourcing a coke battery (not that they have bought one or leased one yet) so where are the funds coming from for it all? BBQ parties?
Back to BEN, the Company with offtake agreements signed from the get go, a CEO whom answers questions and keeps investors informed along the way. A business that in half a year has increased acreage, bought more mining equipment, quadrupling production and hoping to acquire a whole new BEN site. CGO may do well 2024, so let people slice a few here today to make a 20% rise at CGO before it gets dumped and they come back to find a photo of a train being loaded with 10000T of washed coal. Yep, we have a fully functioning washplant now, not waiting for one to still be manufactured in South Africa ;)