reply from ceo, page-27

jonathp00,


Which peers are you using? If you're using HUN remember they have coking coal and higher grade thermal coal as well.

The depth of open cut mining depends on the mine's economics which is too complex to analyse with back-of-envelope calculations. In Australia small open cut mines go down to perhaps 150m max, and large or high quality mines might be economic down to 250m or so.

But all the Australian lignite mines are much shallower than the drill results for TVN so far, they'd have no more than 30m overburden on top of a 100m seam. And that's to feed power stations built on site so no shipping costs. So if this deposit was in Australia it would definitely be uneconomic at such depth.

But of course this one is in Mongolia, not Australia. How does that change things? I just don't know. And nobody will be able to say until a PFS at least is conducted.