Ann: Work commences at Escarpment, page-23

Good overview OllieB.

The only positive is the reduction of likely cash burn which quite frankly was the best case scenario I was looking for from this quarterly rather than the "$12m pa annuity" nonsense from HB. Critically, it gives BRL some breathing space as it tests the market with its bulk samples.

At a macro level things are starting to look more positive for a coking coal turnaround this year with both the Chinese National Bureau of Statistics and CISA measures of Chinese steel output growing more than anyone forecast.  The government continuing to fast-track infrastructure projects, and with an increasing number of city and local governments easing property purchase restrictions, it appears that Chinese steel output may not fall as far in 2014 as some market participants are expecting – including all the big instos. To quote one: "If current run rates and policy fine tuning continues, we are at risk of upgrading our Chinese steel output growth forecasts for 2014, which would likely provide support for input commodity prices."