Ann: Commencement of rail haulage for Springsure , page-6

re: Ann: Commencement of rail haulage for Spr... How could this be anything but great news, one of the reasons BND has been trading at a discount to cash is the belief that the take or pay liabilities could sink the company if it couldn't meet its 4mtpa commitment on time or at all. $23p/tonne take or pay fee times 4m tonnes p.aa albeit a 50% discount for the first 12mnths to allow for ramp up amount to significant penalties potentially. there is also the fact that how could BND be charged a penalty for not delivering coal when the infrastructure hasn't been completed yet, this revision makes perfect sense and gives BND more time to negotiate the best deal for shareholders without duress....not to mention time for thermal coal prices to recover.