Thanks for that, again, i don't follow the RSA operations...

Thanks for that, again, i don't follow the RSA operations closely.

I don't think a prospective buyer would be using 2023 EBTIDA as a base to determine a purchase price (if you were to buy the mine, would you use this financial information?), considering the coal price during the 1H of 2023 was crazy.

The last two quarters (Q4 2023 and Q1 2024 - most recent available information) they have made an EBTIDA of $11.0m and $14.7m respectively - 6 month period $25.7m. So annualise that $51.4m. TER share 50% = $25.7 million. Using valuation metrics of 3-4 times EBITDA, value would be around $80 to $103 million.

Agree if Eloff is going to be developed, maybe they are better off holding off until that is approved.