I am a BRL shareholder as some of you may know and I would be...

I am a BRL shareholder as some of you may know and I would be cautious if I were to be a JAL shareholder.

In reality, this is far from a done deal. For example, if coal prices change dramatically in the coming year, BRL may decide not to fund construction (the big C$110m cost come June 2019), which would basically leave this project dead in the water, along with JAL hopes and ambitions (or they would have to do a highly dilutive cap raise to construct the mine themselves). So although on the face of it, it does look promising - JAL (and BRL for that matter) aren't "going mining" just yet - that will be when BRL decides (not JAL) to fund construction of the mine.

But if it does work out, well JAL arguably have a 'cheap and easy' way of funding with great access to knowledge and experience (that BRL will bring).

For now, I think I'll be sticking to my bigly shareholding in BRL - at least if the coking coal market turns to custard, they already have a strong domestic operation in NZ, and a already operable a relatively low cost coking coal mine that is Stockton.