There is a balance between yield and ash when you wash it, so more ash to start with the less coal in the product, all things being equal AFR will recover more coal per tonne than HDG. Guessing here, AFR's better strip ratio is the more significant difference which will allow cheaper mining cost overall than HDG, but again HDG results are only prelim so far and more drilling is required to check this.
Still looks like a cheap thermal coal proxy.
HDG Price at posting:
30.0¢ Sentiment: Buy Disclosure: Not Held