new thread needed - not long to go now guys, page-13

'My main concern has always been that mnm is just one option among many for exergen and that understandably they will run which whichever option proves to be the best (for a number of reasons).'

I see it differently.

There is a significant number of players that will look to get access to MNM's multi billion tonne Brown Coal reserves if BCE exports begin from Victoria as per Govt plans. On the other hand, there is an extremely limited amount of available brown coal reserves of good quality with good access to ports with immediate export capacity such as the BM/Geelong combination.

as to our LV dirt - if exergen go into business in BCE export using a plum S7 allocation then that will cause the 'brown coal pilbara' comment of Martin Ferguson to become reality.

It will follow that the market will accept that BCE export infrastructure WILL be created in Gippsland by the giants behind exergen, no doubt using a wad of free cash from the Vic and Fed Govt.

If that happens then MNM's 569 sq km holding (the largest of any listed entity in the LV) will become highly sought after by anyone else wanting a commercial scale stake in the BCE export game.

Tubby Tinkler, Rudy Gomez and plenty of others, are watching on closely.

What MNM's mgmt cannot allow to continue indefinitely is for exergen to keep its foot on MNM's significant BC reserves at BM and LV under the present open ended, cost free call option 'MOU'.

A company update with a revised BM JV timetable is long overdue IMO.