how long is a piece of string , page-8

The AGM was today. PA called in from Beijing. It sounds like it is getting close.

In final stages of negotiations on a very large thermal coal project.The project is near exisitng infrastructure.LRL has support of banks and also largest sh if negotiations finalise.Approvals in train.

All Due Diligence completed.

Where can you get a stock that is below cash and close to finalising a huge China deal?LRL have done all they can with setting up advisory panels,negotiating with locals etc.If they do not do a deal we have the cashand the buyback as a backstop and they will move onto some other region I presume.

Bring it on.

After the meeting today it sold down to 18.5