you need to assign in ground value Saber. Thats why I say there...

you need to assign in ground value Saber.

Thats why I say there is real option value in the coking asset.

If you haven't watch this you should, excellent explanation of the inherent leverage of exploration or development assets.

http://www.sprottglobal.com/thought...r-$15mm—will-command-a-$2-$3b-price-tag-again/

ie. for example lets say at Januarys coking coal prices a coal assets made zero dollars per tonne on 4 or 5 million produced. NPV is zero.
Price goes to 180 bucks they are making 80 bucks a tonne, the NPV increase is multiples of 10 X.