Call me a down ramper BUT many, many months before tenders and...

Call me a down ramper BUT many, many months before tenders and works contract finalised - if ever, based on past performance. As for China Rail, does anyone really put value on an MOU with a Chinese company, let alone a contract? Sounds negative doesn't it but that is the reality of CKA. No one out there is going to give them a free-kick, they have, and never have had any negotiating leverage. It is still not the time to buy. Oh, BTW there will still be need of another capital raising as first coal sales are still a long way off.