1.2 billion tonnes of coal, page-28

Here are some comparisons with AFR...

AFR's "raw coal"
Calorific Value: 19MJ/tonne
Ash Content: 27%
Seam Width: 8.8m
Sulphur: 1.8%

HDG's "raw coal"
Calorific Value: 19.7MJ/tonne
Ash Content: 33%
Seam Width: 7.8m
Sulphur: 0.86%
So as you can see, it's fairly similar, and while everyone seems to be asking about the ash content, let us not forget that HDG's coal has less than half the sulphur than what AFR have their hands on.

Now let's look at what AFR and HDG are hoping to beneficate their product into...

AFR's "beneficated coal"
Calorific Value: 22MJ/tonne
Ash Content: 18%
Sulphur: 0.35%

HDG's "beneficated coal" - Moruple Power Plant stats
Calorific Value: 23MJ/tonne
Ash Content: 22%
Sulphur: >1%


AFR have a JORC resource due in April, HDG have a JORC resource due "within 6 months". HDG have a wash plant right on their front door, and while AFR have a superior stripping ratio which will make for lower operating costs, I cannot see how HDG is trading with a market cap of $14M while AFR is up there at over $200M.

Looks way to cheap doesn't it...