Iceman, production won't start on GW until at least 2016...so...

Iceman, production won't start on GW until at least 2016...so prices forecast in most broker reports I've read (including those of CLR's website) for these periods are assuming what I stated below.

Remember IRR calculations includes paying back debt/capex. BFS # will confirm in due course but my personal expectations are at spot or even 10% above it (in AUD terms) the project doesn't get off the ground. Why would anyone risk $500 to $600M on bring it into production using a less than orthordox process when you can buy an operating mine for around or less than this amount?

Having said this I still hold for the chance to sell higher on change of general coal sentiment....which has been dire for some time.