more coal than you can poke a drill at, page-4

GPS,
I don't think the analysts just divide the current company value by the tonnes of resource. They also place a discount on the type of resource to reflect some idea of recoverable coal. They would be well aware that 3.8mt of resource, if it all could be mined, would be about 50mtpa for 80 years.This isn't going to happen!
Paterson would be looking to "reserves" where some reputable consultant has a considered mine plan and a schedule of mining consistent with rail and port allocation. They also extend a risk factor which is dependent on where the company is along a development track eg MLA, EIS, contracts
Which brings me too the question, why is MTE content at resource expansion and not mining reserves generation. Lots of clouds but no promise of rain?