Ann: Annual Report to shareholders, page-16

I am fairly confident, for the most part, Talleys are holding back the cash to.....
1. stop BRL from having access to significant cash funding to develop their 100% owned projects on the West coast therefore no longer needing to have a joint venture with Talleys.
2. Stockton mine (the most successful by far of the BT mining joint venture projects) runs out of readily accessible export coking coal early 2027(from memory) which means BT mining have no export coal assets which in turn will render the joint venture company close to worthless.....BRL own 100% of other tenements......I believe Talleys needs some of those assets transferred into BT mining joint venture, with favorable conditions, to continue the party...... this is pure conjecture but I am confident I am bang on the money