worth a punt, page-31

hi bomber

had a better look. really like it. people, backing, structure, margins. von did well to jag it when he did. and hopefully the run in coals continues too.

I don't have much to say that hasn't already been said

fwiw

for the minegate scenario, if 5% govt royalty is $4.1/t, the expected average sale price is $82/t, npv might be around $28m

for the export scenario, if 90% is sscc fob port buena~ at $120/t and 10% is local cement coal [dont know price], maybe it npv's around $22m - but of course would get more intl price leverage [recognition in sp?]

both only small, but still ~30-40c a share stuff for the sp