And without suggesting the current future looks either promising...

And without suggesting the current future looks either promising or bleak I would pose the question; What would our future look like if we began production and commited to supply contracts only to see world coking coal prices tumble? Could it have been an even worse outcome?

Garry Howard poses the point "However we understand the position that the company has found itself in and accept that the long term future is better served by this delay."

A future "better served" is what we all await. I would put it to H.B that that future has to begin in the next thirty days with clarity on NZ domestic operation supporting the overall business and what flexibility from L&M can be won in relation to the "Milestone Payments". I have my theories on this point but remain as nervous as any on this point.