The obvious basis for the BM JV not being signed to date is a JORC resource figure.
We are now a matter of weeks from a JORC resource at BM that will easily surpass the exergen target of a sufficient amount of suitable coal with access to infrastructure that can justify a 30 year project producing 12 million tonnes of BCE per annum.
As they need roughly 24 million tonnes of BM coal to produce 12 million tonnes of BCE using CHTD they only need a billion tonnes of gettable BM coal to achieve this.
Given MNM are on target to JORC 2.5 - 3 billion tonnes at BM the probability of the BM JV has never looked stronger.
MNM Price at posting:
11.4¢ Sentiment: Buy Disclosure: Held
