$1 by may, page-11

You raise some good points So-Wat, there a lot of new Mongolian coal projects, most of them seem to be coming from Australian and Canadian companies.

I think there are potentially some other markets in the region, including Kazhakstan, South Korea and Japan, but will China allow them to transport the coal across Chinese territory (in the case of South Korea and Japan).

Being land locked can be a problem.

I suppose, in the end, if they prove up the coal, then the Chinese contracts will go to those who offer the most competitive prices, so, like iron ore prices, by 2014/2015 we may see coal prices come a long way off their current levels.

I think this is a very sound investment decision by GUF on a number of fronts, and the Occ-Ziff funding was likewise, I will stick with GUF for 2011 unless something untoward happens.

Gw