Gary Cochrane Presenting @ Industry Luncheon, page-4

I tend to agree.

I have been hoping for a nice soft low SP entry (like $70M MC, 20c entry) - to derisk my entry since this is a very high risk operation (been flooded before) and therefore stock... However B2Y have just strung a few quality announcements together which has put a hold on the downward pressure for now.

Some perspective on another toll wash agreement... Terracom paid Stanmore (Isaac Plains) $10.5/t to simply load coal onto trains. Here B2Y are planning on washing coal and then loading onto trains - so my expectation based on below would be that B2Y charge at a minimum $15/t - which based on max 100kT per month = $1.5M monthly revenue from toll washing, and could be the difference between a cash negative and a cash positive position over the next 12mnths until they get to the full rate...

Highly likely that it is >$20/t - so fingers crossed Bluff happens and they get moving dirt... I've seen some request for operators and MACA contract in place - so one would assume this is a goer!