here's how i see it, page-6

Another point to make is should our assumptions for in ground value being less than the 67c achieved in this week's Anglo purchase of a stake in a Mozambique coking coal project. I've assumed that our IGV would be less, because anthracite doesn't command the same price as coking coal, but the project Anglo has bought into has real infrastructure issues to overcome, and, from what I can tell, massive capital costs (including the possibility of having to build a railway line). ZYL's likely capital costs would be minuscule by comparison (from memory, our share of Kangwane's capital cost is expected to be around $70m). Kangwane has a railway line running right by it, and is 100km from port by rail, and about 130km by road. Mbila is located near it's likely domestic end users.

If you factor in capital cost, distance from markets and time to get into production, maybe our IGV should be HIGHER than the 67c per tonne the Anglo deal was done at.

Food for thought at least.....