Ann: UNV: Independent Expert Report and Response Statement, page-5

There is absolutely no disclosure on the forecast coal price used for Eskom pricing. If 82.8% of your coal is being sold to Eskom, disclose your price assumptions used for the Domestic coal, not show a long term export price assumption of US$70/t.

Given all the Domestic coal is sold in ZAR, who knows what the price will be in A$ terms. With Eskom scaling back to contracted volumes and UNV highlighting they are going for more export, with Export prices ~US$60/t now, its a bit rich to have a long term price assumption of US$70/t to get your valuation to A$0.40/sh.