trading halt for cap raising, page-18

Makes sense then to take out Dingo to extend mine life and give BWD access to our infrastruture through WICET.

I doubt it. From the map, BWD's Dingo is downdip of what COK already holds so I doubt it's mineable. It will be too deep.

This HAS to be a joke, right? COK has 1.6B tonnes of resources and hundreds of millions of tonnes of Reserves - they have more growth prospects than they know what to do with. They have a pipeline of projects far more advanced than these BWD tenements which are, to be completely honest, a pile of crap.

I do not see a single tenement in there that would rank ahead of COK's Bylong option, let alone Collingwood, Taroom or Ownaview. And with a market cap of $14M it's not hard to see why.

There is something more to this... I suspect it was part of the deal with Noble - I think that conditional upon them taking the equity in COK was that COK had to take over BWD.

It's the only thing that makes sense. COK does not need more third-rate coal EPCs in Queensland. It has first-rate assets of its own that it cannot develop because management paid too much for them and got themselves so far into debt for them that we find ourselves in this mess in the first place.

However, I will say that I think this is about the best possible outcome we could have hoped for. They will retain 80% ownership of Baralaba Expansion (obviously JFE didn't want to step up to take a slice) which will increase cash flow, and we should be fully funded going forward.