Everything you report stacks up according to my research and enquiries.
The BM JV is the key.
When MNM become irrevocably linked to the exergen moves towards effective control of the Victorian brown coal upgrade and export game that is playing out before our eyes a $30 million MC will seem crazy.
And how will exergen control BCE export in Victoria?
Easy - by a BM JV with MNM over the only coal that can get out through Geelong from 2015 onwards; and
By building (and owning) the pipeline that delivers slurry to the Port of Hastings (2020 onwards?) from a likely MNM/exergen amalgamated 1000 sq km LV super-tenement.
Victorian coal upgrade guru Dr. Brockway has not been at exergen since July last year for a laugh.
He will have already spent hundreds of hours in sessions with the Vic and Fed Govt about the exergen/mnm upgrade and export plans. The funding of the huge infrastructure spend by Tata, Itochu and Elphinstone will have been tabled.
The construction of the coal processing plants and the LV pipeline by exergen co-owners Sedgman and Thiess will also have been fully detailed.
These are the 'discussions' with 'countries and companies' Ted B talked about in his press conference about unlocking the brown coal.
As always with major Govt decisions, by the time the 'invitations to tender' are announced, all the key decisions will already have been made.
Exergen has already publicly flagged an intention to apply for a significant brown coal allocation in the S7.
I suspect they have flagged plenty more than that behind closed doors since the Coal Doctor joined the exergen board 9 months ago.
MNM Price at posting:
11.4¢ Sentiment: Buy Disclosure: Held
