Ann: Bathurst Chairman's Address, page-16

I think it's very healthy to have postings that look at all angles of the company,

Sure beats the biased, everything is wonderful and every turd is going to turn out to be roses posts, we had to endure from trader Jackson 12 months ago.

RASH although I don't agree with your thoughts on hedging or your bold outlook for coal prices I do believe your frustration with the SP and many of the reasons you tout are very realistic.

At the end of the day we have a company enjoying incredible cash flows but can't seem to attract new investors therefore we have a languishing SP.

Unfortunately one excuse for the poor performance in SP used many times on here over the last 12 months is no longer valid....that is coal investment are out of favour......one just needs to look at BRL's peers SP performance over the last 12 months to know that coal investments are certainly not out of favour.

YOU can bet the house on one thing that is a SP of a company making huge cash flow profits usually languishes for one of two reasons....A poor outlook going forward or sheet management.......I don't think BRL have a poor outlook.

That said I like the risk versus reward on offer here.

One must also give credit when credit is due they continue to have an excellent operational performance.

I know they do read HC so in this instance it's a great place to vent