flying with 10 million tonnes per year

They certainly can tell a story! I like the Dewitt "market watchers" say they can do the open cast for $19m and underground for $50m. The feasibility study that costed it at $219m with $107m to develop underground was way out! I know they are talking about borrowing a wash plant or something but expected operating costs never seem to go up. Believe, or not. Reference attached: http://www.asx.com.au/asxpdf/20111128/pdf/422vrbs3hbc1s7.pdf

I try and be a bit open minded about it but all I ever see is a company using all possible methods to sell a story so it get the share price up and issue more stock. They use these mining cost numbers as they always have but I find it hard to imagine the implied profitability every showing up in the accounts. They certainly hasn't so far. That's the problem with non-gaap numbers. See the internet boom and the overuse of EBITDA.

And with every thing that comes out of them, I find it bizarre that the only time they mentioned cash problems at the parent was at the general meeting last year. I have no idea why they decided to talk about it that day.