It makes sense - they already own 20% but the drift development is not going well so this will hold up long wall production - the coal is PCI at best so low quality coking coal not the HCC from the Bowen Basin but a higher price than Steaming Coal and not paying the massive QLD Royalties - still to get experienced workers but many in Mudgee might want to return - I am sure they have done their homework and the market seems to like it
Ann: Convertible Notes Offering, page-60
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