Gina wouldn't have spent close to a bil on a land holding that...

Gina wouldn't have spent close to a bil on a land holding that wont get approval for a mine. Once Riversdale gets approval then there is a very high probability that Elan will be able to get the same approvals and the rerate will take place. Whether Gina wants to stump up for this asset as well, is to be seen, but with iron ore at all time highs, her back pocket will be filling with cash and she will want to do something with it.

With 600mil shares on issue(diluted), if this company were to merely get a sticker price the same as riversdale that is a $1.30 SP. Now that is ultra conservative, considering there is at least 2-3 times more coal on ATU tenements.