14 mt coal owned by Cokal Reserves? Do you think there are no reserves in the JORC Resource? Do you understand JORC?
6% sales royalty paid to Eddie Correct
Average realisatoion at current price - pre Eddie Royalty = $185/t Could be!
Average realisatoion Net of Eddie Royalty = $174/t Could be
Average cost of production = $150-160/t A bit silly
EBIT margin -- pre tax, pre interest expense = $14-24/t Just as silly
Monthly volume = 2 barges operating at 4000/t x 2x = 16,000 tones almost unlimited barges available from Petrindo and access to Buntok ISP doubles carrying capacity of 2 x barges.
Estimates days of operation = 250 days = 8 months May June July August no barging?? Strangely we have done well in May and June
Annual coal sales volume = 16,000 x 8 = 128,000 tonnes Silly
Annual EBIT margin = US$1.8-3.0 mn SILLY
Net Income = say 50% of that post interest and tax = US$900k - US$1.5 mn DOUBLE SILLY
Market Cap = US$ 63 mn DITTO
P/E ratio - 42x - 71x DITTO
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