penumbra clearly not ahead on schedule anymore, page-9

Inside, I think the management are playing wording games. "first coal" doesn't mean in Production. I actually don't expect the mine commence production until end of the year and it will be in full production probably Q3-Q4 2013....

And Penumbra has to face the commissioning risk after production. Good luck holders, market is tough and the management doesn't help much either.