Ann: Blackswan Equities Research Note , page-7

Doyle, I think the report spells out all the positives JAL has going for it ATM eg low sovereign risk,quality asset in M&A area, history of mining plus established mining in area (big companies), very experienced management, supply constraints of coking coal, potential for low cost mining, sufficient funds available for exploration etc. coal prices will obviously be a factor in future but having held this stock for 3 years or so - and JAL is by far my largest holding - I will be very happy if it even reaches mid-valuation range. Looking good for future IMHO