reply from ceo, page-16

add in handling fee of $10/t, 5% royalty, cost of rehabilitation and capex recovery. There is not much to play with.

HUN had a $5 margin EBITDA, and its deposit starts from 4m, whereas TVN starts at 84m and 20-30 degrees dip. From here you can work out the depth of the deposit if the strike is 1km. But, the tonnage is really irrelevant because the constraint factor will be rail capacity. This deposit is 610km from China, and will compete with coking coal for capacity. An increase by 0.01c/km/t will render the project unfeasible.

This project is very sensitive to the price of coal it can get, and I do not think management will go ahead without an off-take agreement.