spike on xmas creek, page-6

Hi Kacy,

Yes, I did notice yesterday's announcement.

But I was reading the other announcement on 1st July where I found this paragraph:

' ... Approvals from the Department of Mines and Petroleum for the Mining Proposal and Clearing Permit are on track for late July 2010 and once received ...'

Like I said I do hope I am wrong and that Christmas creek get signed sooner. I am also hoping to see DOW gets the NBN contract.

Anyway, the current sp is ridiculously cheap. If we don't see one contract we might soon see another contract anyway.

For me the bottom line is that the Reliance Rail debt facility is non-recourse to DOW but it had sold down to a level as if it's otherwise. So in my book it's a buy regardless of any upcoming contract(s).