Ann: Company Update, page-21

I think its safe to assume 1.8B shares will be on issue when looking at future valuations.

Xmanrock, slight correction re "65% of pie".  In reality it will be higher per slide 11:


"BT Mining will hold the Rotowaro and Maramarua thermal coal mines, as well as the Stockton metallurgical coal mine"

=> we'll have exposure to reserves from entire Buller Coal Project, whereas Talley Group doesn't.  Stockton low ash coal specs and existing infrastructure allows us to also finally unlock Cascade and Escarpment with a superior blended export product. Trick calculation to work out our share but certainly will mean >65%