how much for coal, page-6

Well, I reckon that good thermal is worth about 50c in the ground, one drilled to jorc. The very wide seam +50m and the fact that it is open pit is a plus.

So I being conservative and using 25c, I would value that resource alone at $300m as it stands. Alot depends on how the project gets developed going forward.

If management favour new institutional holders, they might dilute early.

But if all goes well, we could see a 200% rerating of AVA over time. Certainly with 25m, they have cash, but it depends on when and how they finance the various powerstation developments they have planned, as well as the WA 87mt coal resource development.

Management never do what you expect, and I am sure instos are knocking on the back door as we speak trying to get a piece of the pie.

Kudo's to Passport blah-de-blah, for believing and buying up 5%.