I hate to put a dampener on this but I can't see how NHC gets...

I hate to put a dampener on this but I can't see how NHC gets away without having to right off the value of thier Malabar investment by A$70m in their upcoming half year accounts. Their initial investment in Malabar was $94m for 15% at $1.25/share valuing Malabar equity at $630m. In NHCs full year 2023 accounts the geniuses wrote up the value of the investment by $116m to $210m, this implied a $1,400m equity value for 100% of Malabar or $2.80 per share. Six months after the right up they buy more at a share price of $1.80 implying an equity value of $1,066m for Malabar. NHC's 23% is therefore worth $245m compared to the book value which should be $315m ($210m + $105m). I'm not commenting on the strength of the investment just can't understand why they would right up their initial investment so much, inflating the NPAT, only to have to impair it 6 months later.

In terms of the value of the investment I struggle to see how Malabar is worth over $1bn. NHC bought 80% of Bengalla for $1.9bn and it was fully built and making lots of cash. It's not met coal either, some can potentially be used as semi soft but most of it will be sold as high energy thermal coal.