sa to dispel nationalisation fears, page-8

Hi Shabs - yes the NAE UK acquisition looks like a stunning deal. I hope James Leahy and other UK Conti people are looking into the possibility of similar UK coking coal assets. Do you have any idea what the capex requirements are? Regarding Colombia, we still don't know what the acquisition costs are ("up to $15m") but the fact that the mine has been operating for 24 years, the coal does not need washing, and current margins are 75% from the mine gate shows that there is limited downside, esp considering coking coal fundamentals are far superior to thermal at the moment.