Ann: Acquisition of Daunia and Blackwater mines announcement, page-69

Hopefully Bell Rock is gone/ going with todays volume.

Re debt level mentioned above. Less is better for the reasons we know from the past.
However the proposed debt level and structure seems easily manageable. Remember a large part of it is staggered over 3 years so we shouldn't see it peak too high at any one time. There's also the possibility of a part sell down to reduce debt, which may also lock in a key customer or two.

On the flip side $269m cash generated from existing operations this quarter seems much lower than expected. Notwithstanding the big build up in inventory which implies more sales pushed into the next quarter. In the bigger scheme of things it matters more for the divvy for the next 3 years, not the debt level, which will be funded by the new part of the business.

Overall I'm happy with the transaction, the structure, and the timing. Coal price can go up or down from here but I'm glad we seized a great opportunity.