Jasxu, I always found maidens to be reserved (boom...

Jasxu, I always found maidens to be reserved (boom boom).

Wikipedia has some definitions but the 'reserve' is the legal and economic key to the project.

I'll stick my neck out and say that the updated resource announcement will be very good - even very, very good. The prospects for resource upside were always going to be good (even Tier 1) and I don't think they would've released the new data separately from the PFS, and with a trading halt, unless it was special. You don't draw attention to a disappointment.

I think they know the natives are restless and hopefully this will satisfy until they receive the PFS and release it. Of course, it could also be to soften us up for the expected $2 billion project cost.

Even so, the NPV of the project should be multiples greater than the present company capitalisation. It's 'just' a case of finding a (preferably) non-Chinese venture partner willing to commit that kind of dough and the SP will probably track that development more than the upgrade (and even the PFS).

If they were expecting it to be Chalco then they'll have to start again and I think it would be unrealistic to expect much from Noble's sales pitches before the Greek and Mongolian election results well and truly settle.

However, let's remember, it's coking not thermal, and with such a large and excellent quality resource - and a target of 12mtpa - I think we'll be OK. Just may take a while.

Any bad news?

Yes ... I'm usually wrong.