Ann: Tenas Environmental Assessment Application Filed, page-15

You referring to me?

What I clearly said was the Tenas project *does* have value. The fact is, its a high-cost operation that's most economic at the peak of the coal cycle (i.e., where we are now). Since Mark has recently expressed ambivalence about taking this to production (due to high capex costs) even if the permits are approved, now is probably a sensible time to offload it. Funds received can then be invested in Short Creek (offsetting the need for additional cap raise)