No not smashd SP, Haha, we're past that now, hopefully SP...

No not smashd SP, Haha, we're past that now, hopefully SP onwards and upwards from here..... I meen threat from institutional investors. They have Dartbrooks in their sights and already own 70-80% of the Coy along with Nathan T and a few other well known investors. Insto's are looking at dividend growth and once risk is diminished, (smooth transition from C&M to fully operational) watch what will happen, anything on the market will get taken. Yes the initial medium capacity will be aiming at 1.6-18ml tn and once the second Continuous commences on line, more capacity can be added to the plant. Nameplate is medium at 3mtpa so not bad but unlike WHC the overheads are very low and WHC have done very well. Low man hr numbers, efficient quicker, wider conveyors, better later washing and loading engineering and not at Narrabri, nearly 300km from Newcastle Port Facility further than Darthbrooks adding to logistics costs. I'm told extra $12/tn .....makes a big difference. Also the new rail loader will accommodate both seams in production.

Even though the mine capacity is medium in comparison to other Hunter Valley mines, the location, long mine life, new infrastructure, plant, rail spur, re-engineered loading, experienced U/G workforce (around 250, not 720 from the Anglo days) and a "can do" management team with Offtakes finalising, good COH and small holding fund in escrow for plant should provide the platform for some nice revenue short/medium and long term. Institutions have their foot in the door now. Smooth transition to production as more investment risk is removed and ticks the Risk reward protocols of insto's..... hold your equity tight and stick to an exit plan because you'll find this will be tightly held for years to come.

There is always risk, and any startups always has some issues. The lessons learnt from the past management has built a solid methodical foundation and a game plan with Mike and team. Yes there has been false startups and the market is still a bit tender but I have been impressed with what I've seen, discussions with my fellow U/G mining college/friends and Pacific Management themselves. Plant is in turn key condition.

GL and fingers xed for a smooth transition to producer.