A useful recent broker report that shows how thermal coal plays should be valued is at:
http://www.stanmorecoal.com.au/HTMLContent/documents/SMR110511_Building%20value%20by%20the%20tonne_LongVersion.pdf
It relates to Stanmore coal. Have a look at the section on its 'range' project:
The Range is a 219 million tonne (inferred) Thermal coal project that needs infrastructure to monetise. The broker valuation on the range project is 40c/t, or $87.6 million for the range project alone.
BM is likely to contain 2 billion tonnes of CHTD amenable brown coal. The exergen process will deliver 1 billion tonnes of thermal coal equivalent product to the MNM/exergen JV. So MNM's share of BM = 500 million tonnes of thermal coal equivalent product.
Applying the Stanmore broker valuation the EV of BM to MNM is $200 million.
Once the JV commits to develop the BM project (and if they don't develop BM then exergen are out of business one would presume) this kind of broker coverage is likely to be applied to the BM project, and MNM's 50% interest in it.
Even if you use 20c/t, which is stupidly low for a product selling for $US 100+ per tonne, the potential EV of BM alone is 5 times MNM's current MC.
DYOR
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