COK don't have 30% of Bylong! They only have an option to...

COK don't have 30% of Bylong! They only have an option to purchase it. And for 157M, apparently.

So unless someone is willing to pay MORE than 157M for Bylong, COK can't make any money on it. And given the market for thermal coal in general and investment in Australian thermal in particular that seems highly unlikely.

Anyone who wants it would probably let the option expire and then negotiate for a stake.

Management should have divested non core assets back in 2011 when they would have got a motza for them, but at that stage nobody realised what false friends the Koreans were...