this funding issue, page-8

Yeah, I don't see that the SBR delays matter much at all. The market isn't assigning them any real value already - COK is undervalued even just considering Bowen.

COK will be made or broken on Baralaba expansion which only relies on WICET in terms of infrastructure - which is going ahead, albeit with a delay.

The problem with COK isn't SBR delays, it's the simultaneous perfect storm of funding evaporating due to the GFC and capex blowouts due to the Australian resources boom.

In the meantime the debt isn't paying itself off and the existing performance of Baralaba, while extremely promising, isn't enough to cover it all.

We NEED to see Baralaba sold down to 62.5% IMO in line with the existing mine. That would get COK a cash injection and at the same time drop their funding requirements by about $70M.