Rob - By peer comparison, especially taking into the country...

Rob - By peer comparison, especially taking into the country risk, that's all. There are coalers with billion tonne + resources in Botswana and Australia with market caps of $20m to $50. So I do not see $120m as good value. For example EER (Noble 35%, Chairman 42%) is in Aus has 1.2b with another 1b likely due to current drilling (diluted MC $50m). AVA has 895 mt in Botswana next door to where CIC are selling 2.2b for $422m. AVA's market cap is $22m. There are others too. One thing that I've learnt over the years is that it always pays to look at the peers as no matter how good a deal you think you are getting, there is always far better.

Having said all of the above, I am very bullish on coal, especially thermal coal so I do see some significant upside in all coalers with a half decent resource.