2008 AGM - Managing Director's Address to Shareholders

General Meeting

Managing Directors Report

The 2008 year has seen a number of very significant achievements for the Company in executing on its strategic plan.

As John mentioned in his Chairman’s Report, our strategy last year was to lay a strong foundation for the Company. This meant building a Company with operational substance, providing it with access to capital, forging partnerships with reputable stakeholders in the energy sector and creating a foothold in each of the key coal markets. We are pleased with what we have achieved.

I am particularly pleased that we are now only a few months away from generating operating income.