From COK announcement of March 2, 2011
Note: MCC currently being taken over
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MCC the other Australian specialist ULV PCI producer
MCC capitalised at ~$A950m/ 1 Mtpa production
? = $A2.67 Bn Market value on 2.8Mtpa COK equity production.
COK Bowen Mine Capex = $A280M ? 50:50 debt/equity to reach 2.8Mtpa equity output
COK Equity contribution = $A140m
COK Issued Capital = 1.016Bn
If one assumed for eg.
Bowen mine capex issue = $140m @ 50c/sh = 280M shares
Sustaining/
contingency capex issue = $60m @ 50c/sh = 120M shares
Then COK issuance = 1.416Bn shares @ $A2.67Bn market capitalisation
Would suggest
?look through? value = $A0.53/sh $A1.89/sh in 3 yrs
+ ?free? option on Surat Basin/NSW projects
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Maybe they are working on Korean equity contribution instead of capital raising for development.
$1.89 in three years time looks good to me!
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