Gives a price of $1 per tonne of proven resource as a valuation for buyout.
CDN reported in 07/05/2009 that as at April 2009 the coal resource estimate at the Cook mine was 406 million tonnes. And the Minyango resource estimate was 342 million tonnes.
Both Resource estimates were reported in accordance with the 2004 version of the JORC Code.
This would give a total CDN coal resource of 748 million tonnes.
At the $US1 per tonne the CDN mines would be worth $US748m
@$1 = 0.6148GBP = 459,870,400GBP (~A$890,476,190)
With the 209,983,849 CDN shares in issues, this equates to a valuation of:
2.19GBP per share. (~A$4.25)
Add in other assets and cash etc then the take out price for CDN could be in the 2.20 - 2.50GBP range.
Just my thoughts.
DYOR
MV.
CCD Price at posting:
$1.23 Sentiment: LT Buy Disclosure: Held
