Ann: Galilee Finalises NZ Coal Sale , page-8

Colleyaj

The off take partner in this case is also expected to provide an upfront loan, that BTU can use for capital development works. Thus reducing BTU's need to raise money in equity markets or more traditional bank lending.

Go back and read the Stemcor announcement to get better handle on the expected announcement to come. But remember the next offtake agreement is only expected to be 50 or 60 % of the size of the Stemcor deal.

BTU is keen on only committing up to 60 or 70% of its total production to offtake agreements so as to leave itself exposed to the cream in the Coking coal spot markets.

Viney