Ann: Half Yearly Report and Accounts, page-3

Have you read any presentations made by Bathurst?

Guidance for 2017 is for production of 330kt ROM announce 25 July 2016 (with 166 being mined in the first half), ie it is expected to go down from 431kt ROM (with 250 of that being mined in first half) before picking up to 500 kt ROM in 2018, a record.... the Transaction Presentation in November 2016 reinforces this.

It actually makes a profit off its NZ based operations, just not recently due to transaction costs... gross profit fell 17%, costs well 28% and if they didn't have a 1m increase in Admin and other expenses, or a 0.4m in finance costs (due to interest expense on bonds probably) then adding back 1.4m to a 1.1m loss would have resulted in 0.3m profit... 2x higher than the previous period.

Back to the transaction presentation - coal production was expected to fall this year due to some shutting down of some mines, the concrete plant shutting down, and other mines opening.

I haven't even begun talking about the 'other' things that have changed (and bold extremely well for BRL) mainly being a huge jump in coal prices since last half year or the Solid Energy deal.

They have shown they can make a profit off local operations, and they still have buller so even if SE did not go ahead, it would still be worth more than the 5 or so cents it is today.