ValinIf the PCI coal price drops to $110/t i think its not just...

Valin

If the PCI coal price drops to $110/t i think its not just COK thats going to be in trouble.

Given current spot prices this seems unlikely.

As for general capital funding in general I am encouraged by the fact that management have come out strongly and said they are in "advanced negotiations" with a Baralaba JV. Dont see why you think this a non-goer given the rumours in the Wall Street Journal about JFE Shoji and the quality of the project in general as a low cost 100% PCI operation. Perhaps a sell down in the entire project (including North) to a 51% equity stake might even be on the cards.

At these prices its a punt that management can get a deal done, but of course in no way am I underplaying the finacning risk attached to COK whis is why my sentiment is "none".