PDZ coal quaility is better than Bogdanka but that is purely...

PDZ coal quaility is better than Bogdanka but that is purely because PDZ will target this highest quality seams initially. Still very high quality relative to the rest of Europe and will certainly attract a premium (Wood Mackenzie study should give some indication on how much this will be). Semi soft product will also lift average sale price.

seems to be have been a deliberate effort to get the share price up but now the buying has stopped I'm not sure it will hold the gains. Will be a target for Bogdanka but also other large players as this is a tier 1 asset. Wouldnt rule out them going it alone though, plenty of creative ways to fund such a low cost asset. My modelling delivers a healthy IRR even at current prices.