Ann: Term Sheet Signed for Development of BBM Coking Coal Project, page-191

Yes just value the holding for where we are now.

600kt based on the forward sale price.

If you go with pricing of us$120 per tonne then this is a good deal as we minimise our loss.

If you back yourself that we will stall above us$150 a tonne then even better.

I like that Coronado want to issue an IPO with a valuation of 3 billion for a bunch of assets that arent much better than cokal. For refetence their combined export coking sales will be around 14mt.

Curraghs FOB is in the nineties and will be 8.5 Mt of their exports.

So pick your own pricing scenario.

I like Coronados view.