Ann: Investor Presentation , page-4

The part I found interesting was in the appendices where it made a comparison with peers on the quality of the coal. It seemed to infer that the Ngaka coal will not require washing prior to sale, and the energy content of the coal is relatively high. So I guess that means they don't have to worry about building a wash plant for domestic supply, making it a much less expensive operation.

My understanding is that the initial mining they are talking about is just the 230ktpa import replacement to local industry that is currently costing US$120/tonne. So there's potential revenue in the order of $25 million pa. Not the company maker, but it will greatly reduce dilution in these early years.

It's the next phases; the supply to a local 400MW power station, and up to 5Mtpa export, that will be the company makers. And they are still a few years away.