is this ann good?, page-4

On the one hand its clearly a case of kicking the can down the road but gives management another 6 months for COK to come up with a large scale funding solution, including equity sell downs, particularly (hopefully) with improving coal prices making deals less expensive and more lucrative.

On the other hand the KEB facility was technically due end of this month and SK could have technically called on their security over the assets of COK, so doing this deal I think is not so bad. It alleviates a real refinancing risk for the time being and at the very least if SK exercise the option its an extra $18m of equity.

So pressure clearly still not off on management to come up with a comprehensive funding deal for Baralaba but confident they can get a deal done.