This whole thing seems bizarre, not sure why BRL would even...

This whole thing seems bizarre, not sure why BRL would even bother trying to acquire anything unless they had clear intent (the OIA is pretty black and white there needs to be tangible benefits etc with any application...). Agree with viney402 - BRL clearly have some great plans going on, with some fantastic assets already 'in the wings' (eg buller coal project) but they need to get up and say "yes, we're going for it".
Great in some ways the top dogs are operational men who are quite cautious (having been with a company that nearly collapsed... whilst witnessing others collapsing around them, one which they later brought for a bargain price), but now is the time they need to stop humming about and say something... a yes or a no... In my view, they have used the "met coal price level" excuse for a fair few years now (which yes, was very valid 2 years ago). Shame in some ways they are not more definitive as the shares would be worth significantly more if we knew when/how they would proceed with any serious development of buller (in my view). Until then, the rock solid cash flows and profits from the export and domestic operations they now own will keep me reasonably happy and should support a share price a fair amount above todays 17c (eg 20+).