chicken or the egg, page-2

victoria's brown coal reserves are the largest untapped source of energy in the Country, larger than the North West Shelf in contained energy terms.

It is the only natural resource the Vics have to fund their future.

The Liberal Vic govt has no choice but to try and find a way to monetise their multi billion tonne supply of brown coal.

In the post carbon tax era just burning it for cheap power is no longer an option.

The biggest players in the brown coal conversion game at the moment are the multinational giants behind exergen - Tata, Itochu, Sedgman and Thiess. MNM is bolted on to the exergen drive to achieve somethin huge here.

They may not pull it off, but MNM's market cap of $17 million makes it a potential 20+ bagger if they do.

Their other projects are worth the $17 mill MC, which makes the brown coal project upside one of the better upside risk plays on the asx at the moment.