$17M market cap; $500M cash flow; no CAPEX, page-82

Did your father also own a mine with two big pits filled with water T?

This from the 2014 Q4 NAG report:

The 1990s open pits at the Nagambie Mine represent ideal underwater sites for potential acid sulphate spoil (PASS) from construction projects in Melbourne and could take a total of around 6.2 million tonnes.

 During the quarter, the Company investigated whether there are any alternative large under-water sites that could accept Melbourne PASS and concluded that none exist. Melbourne PASS can be stored above ground in metropolitan landfill sites but that alternative is a poor environmental outcome and a very expensive solution.


“Over the next decade, crippling road congestion, sole reliance on the West Gate Bridge and struggling public transport will mean that various tunnels will need to be constructed in and around the Melbourne CBD. The road and rail tunnels currently being contemplated will involve many millions of tonnes of PASS and Nagambie Mining is in the box seat to store it.”

You may find that the approval process has been well underway for a while