Ann: Tier 1 HCC at Isolation South, page-6

I expect that we need to see progress through environmental impact assessments and the permitting processes. Often people cannot differentiate between thermal and coking coal so there is a relatively uneducated opposition and while Canada seems to have adopted many of the approval process features we have in Australia it could take some time. In NSW it can take more than 10+ years now to get a project up. That is really a bit of a disgrace, however with this resource quality, it will be worth the wait in my opinion. I would not be surprised at a great deal of buy-in interests if permitting looks like progressing through - maybe from European steel makers given general proximity. Just my thoughts.