what asset does EOC have to sell? also, MDS is too small to need...

what asset does EOC have to sell?

also, MDS is too small to need a JV. the estimated capex is $42m. they should be able to borrow to finance most of MDS

Rockwood could use a JV partner, say, paying $20m for 30% of the project

Rockwood has 400mt inferred. if a mineable reserve of 100m can be proved up at Rockwood then that should be worth $150m and could be sold for $450m. 100m would provide a 25 year mine life.

4mt of PCI coal selling at $150/t and mined for $85/t can produce cash flow after tax of $150m pa

however, to me, this kind of desparation smells of bad management & poor disclosure

you either have a Tier 1 asset or you don't. i have spme doubts Rockwood is a Tier 1 asset. i sense EOC may have made that call too early