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