I mentioned a few weeks ago that I consider Waratah to be a...

I mentioned a few weeks ago that I consider Waratah to be a potential buyer for Linc's tenements.

This is because of the statement about the negotiations being on an exclusive basis and including Pentland and Galilee. Linc's Galilee tenement is almost surrounded by Waratah's, so why would anybody except Waratah want that EPC? The coal in the Galilee is too thin, too poor, too deep and too far from the coast for a small mine to really be worthwhile. It only becomes viable with a massive project like Waratah's.

This could also explain why it's taking so long. Waratah has been in the news a lot lately trying to negotiate its deal with the Chinese. Buying Linc's tenements would be very much on their back burner.