Its two years since we have presented at this conference and since that time we have made significant progress with our coal developments in New Zealand. In 2005 we held the Whareatea West exploration permit and had just completed the purchase of the Cascade mine. Today, in addition to Cascade and Whareatea we now have the Takitimu Mine, Eastern Coal Supplies, our coal blending and distribution facility in Timaru, prospecting permits at Ohai and Orepuki and an established customer base underpinned by the contract to supply Fonterra's Clandeboye plant commencing in September 08. For this presentation I would like to take you through our purchase and development of the Takitimu mine.