Ann: Market Update, page-19

Just for a bit of perspective ;

Whitehaven Coal (WHC) : Back in 2008 their MC was $550M with Coal Reserves of 712MT for 5MTPA production,
In 2009 MC went to $1.6B, then they subsequently ramped up production further - currently sit $4 ($4B MC odd) off memory producing at around 20.9MTPA.

RES coal reserves at 995MT (as it currently stands) on 6MTPA proposed. If MC considered, leading up to production, we should be sitting in the 90c - $1.00 range as a minimum. As others have suggested, continued de-risking of the project is continuing and massive upside form these prices as we move to production stage (upon financial closure which appears imminent). Therefore I would anticipate continued accumulation so a Strong Strong Buy at these levels. GL LT's