some comentary on todays meeting

attended the EGM today. Here are some quick points:

95%+ of the cap raising was placed to instos or similar who have a long term view. Once the cosolidation happens the outcome will be a very tight register which should appeal to instos and not the day trader.

Windmarra:
Currently working on offtake arrangements and potential JV's.
$450M worth of capital ultimately puirchased for approx$25M.
Will take approx $100M to complete which will not be an issue.
Will be in the lowest quartile of the cost curve with the very real possibility of further cost savings to come.
Conservatively scheduled to begin production Q1 2011 but at the current rate could even be in production in late 2010.
Will be cash flow positive by second month of production.
Cash flow is very attracive even using very conservative figures for all inputs.

Vietnam:
Not a lot of detail (main focus was Windimurra) but they are confident of putting this together but on terms that are attractive to both the shareholders and Viet government.
Would be one of the largest project everundertaken in that country.

Walked away very confident that this company is thinking very big and has the contacts and resources to back them.
Should be an exciting 6 months or so for shareholders.