Ann: Resource Upgrade at Grosvenor West , page-24

Just because the coking coal market is bullish doesn't necessarily increase CLR chance of success. My value of $1 per ton is a generic valuation based on coal reserves before the BFS. If there is a Asian crisis everything will crash including coal.

All exploration companies are risky untill they are mining, out of debt and making a profit. CLR will need $300 million to start production. It will take around 2 to 3 yrs to pay off that debt. If coking coal prices fall below their marginal cost in that time it's game over.