Can you elaborate on these assumptions? With the US IO being the largest in terms of tonnage shipped and those mined have a COGS of between $70-75 a ton. The Canadian IO is running highger with those COGS at $120 area. but the canadianmines are about 25% of their production, and the whole theory here is that once those high FIXED costs are spread across the increasing Bloom Lake production over the next three years that those mines will be net +. NA coal has been running breakeven Asia/Pac IO has been running with COGS in the $80-90 range. Yes there are always other costs, but with no LT debt maturities until 2016, cash flow associated with financing activity is a bit clearer, as noted S&P already moved the corporate rating to stable from negative as a result of the common/pfd issuance. They do however still have a negative outlook at Moody's who has yet to opine as a result of issuance. I am not a technical based trader or Chartist, and will likely never be one. Nothing wrong with trading that way jut not for me.