quote from Mick Davis of Xstrata confirms your view:
"Xstrata Coal chief executive Peter Coates pointed to production records set at the company's Bulga underground mine in the Hunter Valley. The longwall mine set an Australian - and possibly world - record in November by producing 1 million tonnes of coal.
"That's not a second-tier asset performance," Mr Coates said. "[The NSW coal business] is really benefiting by the work we put in in the last few years by improving efficiency and injecting capital where needed."
With productivity like that, why would they bother with Newstan ? With output of 1 Mt per month there is no shortage of supply, hard to see upside in thermal prices.
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