high start up cost, page-8

If you like CLR you should love BTU AU.

I think CLR is great and there is significant upside, but it is still reasonably early stage.

BTU will be in production this year, will produce 1-2m tonnes of super high quality coking coal moving to 4-5m tonnes by 2015, has a cash cost of $85, is fully funded etc.

A lot of people don't know about it (yet), there are no large brokers covering it (yet - likely soon), it has just started to go out and market itself and is one of the only pure play coking coal stocks listed in Oz that is this close to production.

I think it will very likely get taken out this year at $1.50 or higher. Everyone is buying coal assets and the quality of this coking coal is so high that it will be used as a blending coal to bring lower quality met coal up to HCC standard.