Ann: Company Update, page-39

wow you really have not updated your research......
Yes BRL said 3 years ago production cost for their export coal was $100 USD a tonne from the mines they had then.
Stockton mine has production costs of $100NZD....coking spot market currentyl $188 USD.

If you want to refer to old valuations the Solid Energy assets they have bought for $46m NZD were once valued at $1.8b.
BRL own assets use to be valued close to $1b as well.
I think you will find, due to the nature of some of the option instruments, only about 1.4b share will be the final float...........I make that @ 12.5 cps = to valuing the company at $175m.
Now if you can find me a coal company with reserves as high as BRL, with productions levels they now have and with LOM as long as they have for less than $350m market cap I would be extremely surprised.

So really your attempt to offer up not so relevant points that indicate BRL are fully valued at current levels are fruitless as they are grossly under valued.

Poor and old research always results in bad investment decisions.