12m mc, 3m cash, 400mt jorc!! 2bt target!!, page-36

shabandri, the number you mention, 22MJ/kg, is once the coal is washed and beneficated! The lower the quality of the 'raw' coal, the higher it costs to get it to the calorific value that you suggest. Besides, 22MJ/kg is not exactly a high grade export product. It's borderline Grade C coal depending on the ash and sulphur content. May I suggest that you as a shareholder of the company (AVA) go back over the independent analysis done on the coal. Here I'll give you a head start. I've sourced this data from the reserve statement released in 2010 and has been prepared by SAMREC. If I'm not mistaken, these figures are JORC complient.

AVA COAL GRADES



Sorry to HDG holders for bombarding the HDG forum with these comparisons of other companies, but I find it is the best way to get a good sense of what a company is doing. In this instance I feel it makes for a good comparison and mostly it serves to show how undervalued this stock, HDG, is :)