bit of reading...between the lines, page-33

Good to see you back in form Kranky.

I must agree with you that the recent ESI move to obtain a handkerchief size coal tenement next door to MNM's huge tenement position in the LV is a puzzling move. They are a coal upgrade company that claims they will have access to all the coal it will ever need at Loy Yang? Isn't that the whole point of the "DFT" - to insert a coldry module AT Loy Yang?

Perhaps it is some 'heat' from MNM/exergen they are chasing, not 'heat' from Loy Yang after all.

MNM stand to make 50% of the profit from its BM JV with exergen. The profit potential for that is in the hundreds of millions of dollars per annum.

Compare that to a 5% royalty for ESI IF anyone ever builds a coldry plant and you really do have to wonder why ESI's MC is multiples of MNM's?

Coldry was invented in 1989.

It's been quite a wait so for that 5% royalty stream to start...