Ann: Update on Coal Off-Take Finance LOI, page-17

Initial announcement was made on the 11th Dec with deadline of 20th which was deferred to the end of Dec. Now its deferred again. Mr Martino needs to have a plan "B" to put pressure on the Chinese
in both timing and price. If he hasn't, then I would be really surprised. It looks like the Chinese are calling the shots here.

IMO, Soljitz would jump at this opportunity and let's face it, 2.5 mil tons over 4 years is far from being big volume!

The other option would be a short term bank loan and then go for it on the spot market.