belevedere coal asset value

Been spending a bit of time looking at the various AQA projects. I notice that AQA's circa 24% interest in the Belevedere metallurgical coal project is subject to an option agreement, whereby Vale can purchase AQA's remaining interest at fair market value. AQA's share of this almost 4 billion tonne resource is around 900mt.

Now, pre-GFC, New Hope Coal sold their New Saraji metallurgical coal project to the BHP-Mitsubishi Alliance at the top of the market for $2.45b cash. The resource was around $690mt (534mt inferred & 156mt indicated). Makes for an interesting comparison with Belevedere.

Does anyone have any views what the fair market value of AQA's interest in Belevedere would be in this post GFC environment?