Yes the main pit is still full of water, but they've started...

Yes the main pit is still full of water, but they've started digging the Eastern syncline which will provide coal for at least the next 12 months, so there's no hurry to dewater. COK is very lucky to have this area available because it's separate from the main pit.

In any case Baralaba is only a small mine and doesn't really form a part of COK's valuation, as evidenced by the fact the SP didn't drop when the flooding originally happened.

I suspect if you found a broker report with a valuation of COK, Baralaba mine would only be a few cents of the total.