Ann: Response to ASX Query re Price , page-2

"The Company is aware of announcements made today by other companies regarding actions being taken in response to the weaker global demand for coking coal which has negatively affected share prices across the sector. Given this, the only explanation the Company can offer for the trading in its shares is that there is speculation in the market based on these other announcements that the completion of the Company's previously announced sale of its Emerald (Teresa) coal tenements may be affected. Based on continuing communication with the purchaser, the
Company advises that it remains confident that the Emerald sale will be finalized in due course.