investor call 11/4, page-3

Hi Guys

I got on the call. The only negative in it that I could tell was that Hamish refused to suggest that F & B would not appeal. If they do he went on it would gobble up another 4 to 6 months.

On the positive side. We are NOW cash flow POSITIVE

This was a big surprise to me. Cascade has ramped up to 15,000 tonnes per month and has contracted all additional volumes to Holcim. I have previously q'd Hamish through my broker and the margin on this stuff is close to $100. So the ramp up at the exiting operation has gone well and no problem selling the coal to local clients at good margins. We have a business, all thats left is some approval and we have a bloody fantastic business.

There is also only to be one more whole of plateau application unlike the piecemeal application process I had envisaged. This is the best news I have had all year so far.

I'll get back with some more news tomorrow when I have a bit more time

I am now at Long Term Buy for BTU

I am a climate change decision away from a "Bloody Mortgage the Kids to Buy a Heap"

We are on the right track. It will come good. But the politics needs to subside

Viney