chart, page-5

After releasing its dfs the bnd sp moved from 28c (14 jan) to 35c on (16 jan 2012. In the 2013 agm presentation it refers to a revised fs with reduced start up capex and operating costs.

I think (hoping) that a revised fs will be a big card that bnd is holding. Thermal coal prices are stabilizing (this maybe seasonal stock piling for the northern winter) but profit margins are still going to be thin, so it is critical for bnd to show it is cost competitive. I am asking Santa for the revised fs to come out before Christmas but suspect we won't see it until the new year. Once bnd starts running (7 mill shares traded on 16 jan) there are a lot of reasons to keep going.