1.2 billion tonnes of coal, page-14

RP: "CIC Energy of india recently made a successful T/O of a similar sized coal co. with similar grade ore in Botswana. They paid 16c per tonne for @ $400mil. With HDG having an inferred resource of 1.2 bil and a MC of 12 mil i suggest everyone start doing some sums."

CIC Energy are a Toronto listed Canadian Company, who are in the process of being taken over by JSW India (large conglomerate with interests in power generation & steel making, among other things). Since 2005 CIC have spent over $100m developing their Mmamabula Energy Complex, which involves much more than just proving up coal resources. Have a look at their website to see the scale of their projects, the incredible quality of their management & the amount of work they've put into their Botswana holdings.

Thus, I don't think the CIC takeover (which still isn't settled) is necessarily a great comparison to use.

AFR is probably a better company to compare with considering the early stage nature of their exploration program. I know very little about HDG - but this thread has piqued my interest, esp. as Botswana coal is a hot area at the moment.