what is the medium term target, page-44

I'd expect the same as last year (4.5c), Mike, provided things go to plan with the business. In November, management re-iterated guidance of approx 10% increase in NPAT for the year, with approx the same amount of working capital as last year. This should mean more free cashflow, but I'd expect then to pay down some of their debt, even though they do have a A$200m headroom in their facilty. Cheap as chips at the moment but there's always the fear, that with no news for quite some time, that things have deteriorated markedly since November. I personally believe there business should benefit from the lack of liquidity at present, but who knows. I like that they're mainly exposed to the coal & gold sectors too.
Cheers,
Z.