Glencore buys Bowen CC neighouring mine, page-2

Bear in mind both Curragh and Hail Creek are operating mines / cash generating assets - not exploration tenure, and there is a very different way of valuing operating assets vs exploration tenure that doesn't yet even have a defined JORC Resource (so can't apply Resource multiples even). BCB first has to prove it has an economic and viable project, as well as run through the whole licensing process (no guarantee that they will ever be licensed) and then there is the development risk / control of spend and ability to actually achieve costs proposed in the Feasibility study if they get to the point of operation. Until there it will all be spend, spend, spend and incur cost. If you are prepared to sit on BCB for 5-10 years to see whether they get a project up, I wish you the best of luck ! There are limited parties (essentially only one that has existing infrastructure - Glencore) that Hillalong has the potential for sale to, and Glencore has buckets of undeveloped resource at Hail Creek (and the Elphinstone deposit to the west also on the mining lease) and will have no interest in the next 20-30 years IMO.