Ann: BBM PCI Coal Mine Presentation, page-53

Beacon just paid $10M for 50% share of 2.5Mt of PCI ... you are right, they would want to know for sure it is there

I imagine if they were privy to details of the BBM reserve then they would be very keen for placement and "may" have incentive to cap it until they are placed stock

Even if you use the PCI project valuation, that is 2.5Mt for $10M. The BBM project should have 20Mt minimum of HCC (worth much more). That would work out to be 20Mt for $80M investment for 50% ... (if priced the same as PCI)

That would leave CKA with 30% of BBM, which would be 2Mtp.a @ LOM costs $82/t, assuming they sell at $160/t, CKA's profit share would be $47M p.a !

They will likely receive much better finance rates for BBM if they are cashflow positive from PCI, but even the above example shows they are a gift