you raise some interesting points MM. I won't pretend I can...

you raise some interesting points MM. I won't pretend I can answer them all but will just make a couple of comments. The Ruskies already have a slice of the action. Between the government instigated RDIF (>13%) and Baring Vostock (>31%) they have pretty decent exposure. What I thought was a bit unusual but works massively in TIGs favour is that when TIG was on its knees at the depths of the coal price collapse the RDIF and BV came on board. Normally I would think with TIG lying bleeding on the ground they would have taken a stake in the project independent of TIG. But they took their exposure as a stake in TIG. I would think that may offer us some decent level of protection because from this position what is good for us is good for Vlad and his RDIF. And I'm sure that BV did not position themselves in Russia the way they have by being pushed around by the mafia...so I think our interests are now largely protected by being married to the interests of these 2 insto.

On another issue the road is initially being pushed through to get things rolling but as I understand it next northern summer it will be upgraded to be an all seasons road. Perhaps then they can hook up those trailers you spoke of. The plan is that this part of the operation will be producing 600K ton pa....but full 600k production will not be until 2018. That is supposed to be @ $25 ton. Who knows what coal prices will be then but working on 50 bucks a ton margin that $30 mill per year. At the moment with TIG in the mid 5c region it has a MC of around 100 mill. Using your 7 pe that should mean TIG should more than double from here......7 is a good arbitrary number but why 7?? WHC currently has a PE of 135. Not saying that TIG would have anything like 135 PE but just saying why 7?? There is a massive coking coal resource there that can be produced for 50 bucks a ton. Maybe the market will give that some consideration. A PE of even 14 would mean a quadrupling from here.