overdue for a rerating, page-39

Can anyone clarify for me Slide 13 in the latest Investor Presentation please...

This is the slide titled "Chinese Competitor Mining Locations".

Note the price (in $US) for coal being supplied by Chinese competitors (this is in the yellow box at the bottom of the slide) - the price range quoted is between $US68 and $US80 (I presume per tonne). This is substantially higher than the $US37 per tonne quoted in Slide 12 (the price per tonne at the Chinese Border (Zamiin Uud/Erenhot), which is close in location to the three competitor mining locations.

The CV of the coal would seem to be very similar?

I'm sure I must be missing something, given even a $US68/tonne price would deliver many more $$ in revenue to Modun once Nuurst is up and running.

Also, can anyone please direct me to a website that provides current / daily pricing of thermal / sub-bitumous coal sales into China. Would like to keep a better track of the market in this regard.

A rough Google search seemed to bring up more references to the $US60-80/tonne range than the $US37/tonne range...which again leads me to think that I am missing something...

TIA.

Great to see some more interest in Modun...well deserved in my opinion.

Cheers, Banjo