Ann: Belvedere Hard Coking Coal Project Pre-Feasi, page-6

re: Ann: Belvedere Hard Coking Coal Project P... $3/t would be $1.8 billion for their 600 MT share of the revised resource. I doubt we will get offers near that but would love to be wrong!

From the report - "The decrease in resource is based on different assumptions for defining the resource" - thereby knocking more than 1000MT off the resource! I wonder how much Vale were able to influence the report to get a better price for the remaining 24.5%...if that is even their intention.