This is going to require a siginificant rights issue of at least...

This is going to require a siginificant rights issue of at least $50M, and maybe more if the US Liberty bonds people demand their money back. This will be extremely dilutory to existing shareholders who will need to stump up with a lot of cash if they are to make this happen. The brokers are going to have them on toast if they go cap in hand to raise the money.

This is not turning out to be a very astutely run company with a series of delays. It appear to be the left does not know what the right is doing. Spot coal price is irrelevant if you are not producing enough of it to make the sales over and above your offtake commitments.