citi presentation, page-6

well said skipper. As u note: 'most people here, do not have any idea of the size and quality of the RIV resource'.

However, i am convinced that BHP and VALE are fully aware of the monster coal reverves of RIV and esp the extremely high quality of the coal. HUGE rich deposits of bulk material exactly fits the model of the 5 mining giants. Of these BHP and VALE are already in Mozambique and i cannot imagine them not running their ruler over RIV. I'm leaning towards BHP moving first but any bid could/would provoke a bidding war. In that scenario $12-15 is a starting point. I rate TO likelyhood at 60%. however, should one fail to eventuate.... RIV in its own right is cheap for someone with a 2-3yr outlook. V. cheap IMO.