FlyingHigh888,
Your numbers look reasonable for a 5Mtpa operation. My concern is the company receiving approval for an open cut mine in the area. The share price at the moment probably has this risk priced in.
The process of preparing documentation and receiving approval can take anywhere up to 18 months to 3 years. I can see the share price slowly drifting back to 1.5c unless there is consistant positive news flow from the company & the price of coal picks up.
News: Anglo American to sell interest in Australian coal mine, page-28
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