ticks almost every box to be a multi bagger, page-54

My rough calculations are:

Capex: 18.5 Mio $ Coal Mine + 25 $ Beneficiation Plant = 43.5 Mio $
Estimated Mining Costs approx. 13 $/t
Estimated Beneficiation/Processing Costs approx. 12 $/t
Assumption Logistic Costs 10 $/t (should be lower due to close proximity to infrastructure/local power utilities)
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Total Costs 35$/t
China 5500 kcal coal price: approx. 85 $/t
Profit Margin: 50$/t > 12.5 Mio. $ p.a. based on 0.25 mtpa sales agreement

Profit sharing pro rata must be taken into account if a JV structure for project realiaztion/funding is going to be established. Given a 50:50 JV-funding structure Moduns possible profit p.a. would be approx. the current market cap. Profits from raw coal sales not included.