Hold at this stage given uncertainty around funding the...

Hold at this stage given uncertainty around funding the expansion. Could move to a buy in coming months if coal prices continue to recover and they sell an equity stake in the expansion (mentioned the Japanese so whilst not specifically mentioning it, this would probably be JFE Shoji increasing their stake in the expanded Baralaba mine to 37.5% from the current 20%). He is bullish on coal in general.

There was a WSJ story on this in late December;

http://blogs.wsj.com/dealjournalaustralia/2012/12/27/cockatoo-in-coal-mine-selldown-talks-with-jfe-shoji/