Ann: Market Update, page-4

I personally think it had more bad news than good............It told us nothing we didn't already know about the recent Coal acquisitions BUT I believe there was a different "slant" on Togo in terms of the level of interest and/or chances of success.

Total focus is on Coal now, which I am not saying is a bad thing however what we don't know is what % of interest still remains due to the high success and confidence Mike has displayed in the past in relation to securing Togo.

My opinion is that there was a subtle message saying don't hang your hat on getting it......whereas in the past he has been very very confident that we will get it.