Ann: Company Update, page-163

The board so far has done an excellent job of managing BRL for a good couple of years (not months) of bad times - I remember only a year ago people use to reference "the coal grave yard" on CNBC with 6 or 7 once high flying multi billion dollar coal producers now bankrupt - not to mention the famous $1 sale of that coal mind in aussie, nor to mention the once billion dollar Solid Energy also going bust not even 2 years ago. BRL management have made all the right moves... so far, and here we are today at a truly pivotal time in the history of BRL, if not to a pivotal time for the history of coal mining in New Zealand - let's hope it doesn't all go to their heads.