Thanks for your reply, hopefully the negative sentiment has...

Thanks for your reply, hopefully the negative sentiment has yielded a reduced price! I should have also noted I am worried about the high number of bidders and WHC's funding arrangement, in particular the difficulty for coal mines to obtain any type of finance. No doubt this will increase the cost of capital.

Thinking back, NHC bought the 40% Wesfarmers share of Bengalla with little to no competition in 2018. That deal felt much better to me as NHC already knew the mine inside out and no other parties were interested. My problem is I don't know enough about met coal and a few things I have read make me worried about the quality of the met coal Daunia and Blackwater mines produce. It seems that the lower quality met coal from these mines will need to be mixed with higher quality met coal for steel production.