BRL, page-18

Bathurst is ready to grow, with the only hurdle being transport to market.

At USD 150 / NZD 200, it's game on !!

Let's do the maths.

Escarpment has 4 -5 Million tonnes of Coking coal ready to go, no major capital required.
Mine Cost of NZ $75 ex Mine
Transport Cost of $50 to East Coast Port

Cash Cost of NZ $125
Accounting Cost of $150

Current Market is US $200 plus / NZ $275

Let's discount a little and assume a). $100 margin per tonne (current margin). or b). Let's be conservative at $50 tonne (long run margin....)

4Mt X $100 = $400 million
4Mt X $50 = $200 million

Current market cap is $30 million ?
Business has positive cashflow via domestic market only
Escarpment has been broken in, no major capex required, local contractors, no major plant etc

Do the maths, discount $400 M over 5 years vs. current market cap...BRL is a winner, 10 plus cents here we come...

Coaltrader has spoken !!!