Ann: Quarterly Activities and Cashflow Report - Appendix 5B, page-2

The reason for the price fall in WEC shares is obviously due to lower coal prices in America. The wash plant appears to be going great guns in the states and moves to sell better grades of coal. Hopefully more coal mines closing will stop the continued fall in thermal coal prices and cutting costs are likely to ramp up. Reduced cost of diesel should help further.

The court decision in Singapore is quite crucial now and a possible substantial win isn't in the share price as markets may have some doubt about Bayan paying up. Thoughts of owning 54% of Kangaroo Resources, worth not much, doesn't thrill anyone.

Very cheap are WEC though this dreadful coal sector is looking for a floor as it did in 2002, just maybe, we are near that now and a rebound could follow.