also, if BWN found something great the post-subprime funding environment would be completely irrelevant in terms of them finding funding, we're talking about the indians and chinese not the yanks and the english. It would not be an issue at all.
They need to find 300M tonnes of coal before the SP reflects it. Another reason COK are priced higher is because they want to run it themselves. 10% free carry is obviously good because no debt and 10% of a mine but if you're looking to run the company for 10+ yrs its better to start slow and still own 50-100% of the mine 10yrs later.
Again im sounding completely negative when I do believe BWN does potential but like i said I believe the current sp is full value- until something material changes.
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