Its actually $125 million in cash since the retail offer is...

Its actually $125 million in cash since the retail offer is fully underwritten, plus $16 million left over from the sale of Surat coal and they say they only need to make another $13 million in cash to complete the expansion. If they can do it, its a very low capex build. Compare BHP spending billions on Caval Ridge. It will be interesting to see what margin they made in the half year accounts.