time to earn your keep guys, page-43

Balanced respones Viney402.

Thermal will decide Hamish's fate I feel given it was he who directly decided to get BRL involved and he who has indirectly lost the market's confidence.

My take is there is still significant uncertainty in coking coal space given existing stock piles, take or pay contracts in place and swing suppliers willing to put their balance sheet under even more pressure to ride it out.

What is likely to change over the coming 2 quarters, however, is the market's understanding of the collective decisions by BHP, RIO, XTA etc to completely wind back from future investment in this space given it can't be justified on their ROI hurdle. Combined this with the recent round of industrial disputes witnessed on the east coast of Oz, coal haulage costs has now become a battle frontiner that could easily play out to material impact the supply chain. This will not change anytime soon and is akin to the impact of the wet session in FNQ. Importantly, BRL will never have this same problem given it proximity to port and future overhead conveyor belt option.

ST a lot of noise likely for BRL, LT the price probably gives new investors a good entry point albeit with the inherent risk associated with the current board.