rbc conference

Gene can be heard by registering at

http://www.wsw.com/webcast/rbc133/register.aspx?conf=rbc133&page=imn.to&url=http3A//www.wsw.com/webcast/rbc133/imn.to and click on the Coal Panel discussion last item day 1. Nothing to do with the presentation which was probably compiled for 1 on 1 meetings. Gene doesn't talk until about 10 minutes in.

However, interesting comments by Gene Wusaty about infrastructure

- Expects Vista production to be north of 10 mil pa
- Current trains load in approx 5 hours in Canada. Recently viewed Peabody operations in Powder River and they load in 1-2 hours.
- Recently up at port. Ridley being upgraded and Gene expects to have about half - 5 mill tonnes pa port capacity tied up by end of year. Ridley will need customers to enable financing. Believes capacity will become available at other sites as he sees US building port capacity.

Evident Gene will build this as big as possible. Looking forward to release of ultimate pit design and productive capacity information soon along with any increase in yield. Any improvements will no doubt add to project economics and thus lead to increases in NPV's and broker valuations. For instance, an increase in exports from 8 to 10 mill pa equates to 25% increase in production profile. According to CPL's NPV Sensitivity Analysis in their PFS 25% increase in production equates to a NPV increase of $900 mil or 58%. Therefore, broker valuations should increase substantially. Enjoy!!!


Regards

Danash