bell potter target $1.80, page-4

BND will never get to production. BND may not be around in 6 months time. It will be taken over or at the very least some of its projects will be sold to bigger producers and/or foreign entities.

This is what will happen with many juniors from 2012 onwards. They will do the hard work for the bigger companies.

The bigger company producers do not want a "rogue" new entrant in the coal business. Not good for business!