Ann: Acquisition of Baralaba Minority Interests, page-5

goldbear,

Yes, and that's why JFE let it go for $1. But if you agree the project has a positive NPV, then COK has got a good deal because it just increased its share of that NPV from 80% to 100% for effectively nothing.

Of course, it doesn't have a positive NPV at current coal prices... so the 'good deal' is reliant on them going up.