Ok, yes your figures make sense, thanks for the...

Ok, yes your figures make sense, thanks for the clarification.

Makes it look very attractive if using phase 2 numbers.

Yes TER is the other company. The high coal prices have saved them and with Thorney buying in and potentially having a director on the board the company is looking better and better by the day, especially with the debt getting paid down. I hadn't put too much thought to the amount of debt they had paid down, but what you do say makes sense. Surely TER are looking at all options to expand, this looks like a better option then their current South African operations. I wonder if any investors in TER have reached out to the board to tell them of this opportunity? All will be revealed in the next couple of months.