blumont article in coaguru.com, page-2

Blumont also have an 11.5% interest in Celcius Coal (ASX:CLA) of which I know little but including the recent entry into RES makes up their thermal coal portfolio.

I took a look at Blumont's SP chart on the SGX and it's risen strongly for the past 12+ months. It appears to be a sustained appreciation of the stock which to me suggests a good business model backed by strong fundamentals.

Blumont chart

IMO a company with a A$2.9 billion MC wouldn't just spend A$20 million on a roll of the dice. They obviously see the long term potential of Boikarabelo as an income producing asset for many, many, many years to come.

With investors such as Blumont, Noble, Valu, Altius and CESC all onboard for a 10-20% stake each, it's easy to see that we're gonna be a tough T/O target for an even larger company looking to swallow up RES. By my calculations the top 5 or 6 RES holders will account for almost 75% of the share registry.