Ann: Dec 08 Qtrly Activities Report , page-4

yeah i gathered that the report had a good tone and the results are certainly better than last qtrs by some 25% on avg of most mines

Question is - whats the EPS going to be?? In line , above or below consensus

the report certainly seemed upbeat and that their were obvious improvements in terms of production and efficieny

THERMAL coal contracts seem to be making their way in japan/korea circa 90-95USD (from memory reading the report)

thermal coal used for electricity generation as oppossed to OIL GAS which are used for transport and thus oil gas are more of a proxy for economic growth, whereas thermal coal for electricity is GDP INELASTIC as electricity for light , city infrastructure grids, tv, computers, etc is a basic necessity!

'stable and certain'cash flows from government contracts is a BIG PLUS for CEY in light of the global financial crises!

In this climate you need CERTAINTY AND STABILITY OF EARNINGS!

And CEY has that with all the domestic customers (mostly gov orgs)

Export, price looks like could be circa 90USD which is still pretty good

i remember in 2003, the price of thermal was like 30-40bucks from memory?

Good report , but i dont know the COSTS to get to an EPS figure

Divvy is good

OUtlook was good and had a good tone !