In my opinion it was not cheap, but you rarely get cheap for a...

In my opinion it was not cheap, but you rarely get cheap for a tier one asset even in depressed markets like this. Bengalla sits in the low quartile of costs and has around 20 years of mine life. You need to take the transaction in the perspective of future value created in the next cyclical upturn - which will happen IMO. Coal will not be replaced in a hurry and now with Bengalla NHC have the ability to ride out the current market conditions regardless of what happens at Acland.

I see long term value at this sp and have a buy order in the queue