technical analysis, page-19

I agree phillip, I was just having a look at STB's potash project maiden resource statement.

STB MC = $250 million
Exploration Target = 750Mt - 1.25 billion tonnes @ 18-20% KCl
Total in-ground value = ~US$80bn (using US$400/t KCl)

(taken from STB's MAIDEN POTASH MINERAL RESOURCE)

MNM MC = $35 million
BM Exploration Target = ~1.8 billion tonnes @ 55% Black Coal
Total in-ground value = ~US$130bn (using US$130/t)
Total on ship value = ~US$80bn (using $50/t break even)

So STB's MC is seven times that of MNM's, though MNM's project at BM could potentially be worth more.

Then there is Mt Mulligan and of course the Latrobe project...