basic valuation, page-9

MM1,

thanks for that as I have no idea of profit per ton for domestic/thermal etc so your post puts a little more credibility to the numbers.

I am assuming that your x10 is a PE multiple so again that could be seen as conservative.

Add to all of this the potential out of Botswana which is a massive resource however not JORC compliant or whatever it needs to be and is also landlocked with requirements for railways etc ($$$$).

So in summary we could see a valuation in the vicinity of $0.30 by end 2010 and $1 by end of 2011. Add in the potential and like you say who knows.

It sounds crazy for these prices to be reached but I went back and had a look at FMG last night which went from the sub 5c in approx 2004 to $12 and then slid back to about $6.

It does happen when minnows are transformed in to majors!!!