using US$65/t (premium to spot of $60/t) I still get an...

using US$65/t (premium to spot of $60/t) I still get an unlevered IRR of 16% and NPV10 of US$225m

US$80/t is probably still conservative for the high CV low ash coal PDZ has and that increases IRR and NPV to 28% and US722m respectively. I use US$42/t costs which is higher than the scoping study but allows for sustaining capital.

Very few (if any) coal projects around the world of this scale can boast such good economics IMO. I also believe their will be a preference for high quality coal going forward. Looking forward to the PFS.