Ann: Becoming a substantial holder , page-13

David25.
Please pardon the high level comment, and remember to read my disclaimer. My novice interpretation is:
The BMA ML is for an open pit, and is usually pegged in such a way to get access to your target seam in the cheapest (shallow)way possible, below the base of weathering ("Damaged" coal).With the coal seams GENERALY dipping from West to East in the area, my interpretation is that any area to the West of the lease boundary would not contain the target seam in unweathered format( I think it might be the Harrow Creek Upper seam in the Moranbah Measures - not 100% sure). HOWEVER, if the structural disturbance made a downthrow in the area, you might have these valuable Moranbah coal seams present on the tenement. I got the feeling that this was exactly what WAL implied in their ann on 11 Jan 2011 as well.Paragpraph 3&4 under EPC 1067 "Dysart"
My reference to CLR :
Considering regional known geology, as nobody has the financial resources to drill the whole area, previous tenure holders (including RIO, BHP) did not foresee any economic extractable coal in the Grosvenor West area as their focus was on the most valuable Goonyella middle seam (GM) which produces prime hard coking coal at Goonyella and Moranbah North. (Also the target for Anglo's neighboring Grosvenor project)The seam found at Grosvenor West is the Goonyella Lower (GL), and although not as valuable as the GM seam, it still can create good econimc value if found at economic extractable terms (Seam hight, extractable, faulting, capex required, etc)as we see at Riverside where it is mined and blended (with the GM seam from Goonyella?)My comment was thus aimed at the "against the odds" finding of a valuable seam as we saw at GW.
I hope this helps to clarify my view
Regards