50 metre thick coal , page-27

'No Exergen announcement and they may as well start working out the price for the next CR.'

Recent sales of similar (or lesser) quality lignite reserves in SA and WA suggests otherwise.

An exergen/mnm JV culminating in CHTD coal upgrade export projects at MNM's coal tenements at BM and the LV is obviously position 'A' for MNM holders and would make MNM a mid tier coal producer, with an MC to match.

But exergen is just one of dozens of companies currently spending significant R&D money to perfect the tech needed to upgrade brown coal reserves globally. Japanese work in this area is probably the most intense.

even if the proposed exergen JV fails to proceed it is probably just a matter of time before some other player takes a keen interest in MNM's likely 5 billion tonnes of Victorian lignite at its 900 sq/km of BM and LV tenements.

Once the technology is available to commercialise brown coal for export to the relentless coal demand from China and India then the in ground value of lignite with good infrastructure access to global markets will inevitably reach thermal coal equivalent EV ratios.

asx listed coal exploration companies are usually valued at between 20 and 40c per in ground thermal tonne.

with 2.5 billion tonnes of brown coal now a real possibility at BM, and a similar volume likely at the LV, MNM has to be worth 20c+ a share for its in ground brown coal alone.