Ann: Investor Presentation - Colombian Coal , page-14

Good update today defining strategy for further coal acquisitions in Colombia, particularly coking coal.

"For me higher risk in Australia with coming Carbon Tax, critical shortage of skilled employees, very high labour costs, not to mention port bottlenecks and Queensland floods. Gillard government will be here for another 3 years so any promises made will be paid through taxes on mining."

For junior companies and investors that follow them the main reason to look overseas for iron ore and coking coal is to go elephant hunting. Colombia may not appeal to all however its important to remember crowd favourites Mongolia and Mozambique were no go zones for significant periods in recent years.

If you want to poke country risk fingers around suggest looking at a few west african gold stocks worth a few hundred $M, not NAE at ~$10M.