They will probs keep topping up on market (tinkler) too at sub...

They will probs keep topping up on market (tinkler) too at sub the placement price. Is good to have BRL invested too. They have an option to invest another $120m in the project…. And given they are forecasting something like 120m ebitda this year, they are going to be flush with cash so can fund this… very exciting opportunity… JAL holding in the JV will be diluted over time, but a 25% stake in this asset producing 2m tpa…. That could be generating $50-$100 of cash flow back to JAL subject to coal prices and currency. That’s why Tinkler is here bottom feeding… he sees the upside…