management and their skin in game, page-6

"Statistically proven it only really makes a difference if they have been paying for them on market."

The majority of shares have been paid for through capital raisings.

"Still can't see this getting up anything soon. Long term thermal coal forecasts continuing to work against you."

Thermal coal forecasts are not predicting high levels (Goldman Sachs), however there is definitely a floor in place with record coal output as China is using the coal price peaks and troughs to buy up when its cheap, stockpile when the price is higher.

Also with oil hitting 4-month highs, the coal to oil potential could be even greater than thermal coal.

"production at its Queensland coal mines was up 54 per cent in the June quarter, compared to the previous quarter."

http://indaily.com.au/business/2013/07/17/bhp-reports-record-output/

"RECORD levels of coal exports in the past few months from the three main coal ports on the east coast are challenging the claim that the mining boom is over."

http://www.theaustralian.com.au/business/mining-energy/record-coal-exports-belie-end-of-boom/story-e6frg9df-1226697390754

This is good news for low cost coal producers as although the margins will not be as large, producers with low costs will have sustained viable businesses.

Also many would have read the Goldman Sachs' report predicts weak outlook for energy coal which citing tax, production costs and environmental reasons for the forecast, however recently Goldman Sachs received approval for US$137mn upgrade of Colombian coal port.

Don't believe what Goldman Sachs say, just look at what they do.