probably he/she is looking at the Berinice/Cygnus coking coal reserve of over 600 million tonnes , which is twice as large as all of UNV's other reserves combined so a $835 UNV market cap (1.60 a share) values Berinice at only $1.39 a tonne
Would take a big player to develop it given it is not a bolt on and needs a lot of infrastructure
Takeover bid, page-17
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