Takeover on the horizon, page-19

We could start with JUST Buying the Tenements with no further work or capital.
You pay "X" for coal in the ground. A fair price for coking coal JORC Reserves is about USD 5/tonne.
BBM Resource 260 Mt
If I remember the resources are Proven, Indicated and Inferred.
You can only convert proven and indicated to reserves.
43 Mt of Proven and Indicated Resource converted to 23 Mt of Reserves
Probably fair enough to say Resource will convert to 50% Reserves.
So wild a guess BBM Reserves: 130 Mt. x Us 5 == USD 650 million.
x 60% for Cokal == USD 390 million.== AUD 549 million.
=== 69 cents per share. JUST Cokal's share for BBM.
Then TBAR and BBP.

That would do me, toss in TBAR for icing on the cake. (LOL)

Just a note, to move Inferred Resources to Indicated Resource is a matter of drilling more infill holes. Close up the grid pattern.