20c valuation dfs equities, page-32

I really think that GRAM taking over Caledon has not been fully priced by the market nor Mr Richardson.

WICET 2014 4mt with a stack of that coking @ $300/T.

It wont be long and end of 2011 will be here. By 2014 this operation will be turning over well over half a billion $. I note that gcl profit is 50m/annum, 2b cap.

Massive expansion going on here and ORD is the beneficiary.

Couple this with IPO listing late 2011 or early 2012 and the catalyst for a sizeable rerating into 20c plus in here in my opinion.

Key Points: 1) Completion takeover by GRAM - end August.
2) Offtakes to NFC - any day
3)JORC upgrade 300mt plus - any day
4) Binding EPC NFC - months