I am really surprised at the valuation slide that they included...

I am really surprised at the valuation slide that they included in this presentation - it shows a complete lack of respect for investors that they think we could swallow such superficial guff.

Before you start to compare Bengalla to WHC's assets, you need to think about relative margins, and capital. Capex is fairly easy - on a per tonne basis there won't be too much difference between the respective assets. Margins, however, are a completely different story. Bengalla is one of the lowest cost coal mines in Australia with a project FOB cash cost of significantly less than US$40 per tonne. WHC's operations are high cost in comparison and therefore significantly lower margin.

So, of course, when using a reserve/tonne or production/tonne multiple, Bengalla should transact at a significantly higher price point because each reserve and production tonne is worth so much more than a WHC tonne. Basic mining economics.

It makes me seriously question the intelligence of the WHC management team for even attempting this farcical comparison.