CZA and UNV, page-9

I am new to CZA and only started looking into them as part of the UNV/CZA merger.

It was mentioned earlier that Makhado is the jewel in CZA's crown. Possibly the best asset across the combined company.

Looking at the DFS from 2013, project looks enticing, with a US$400m cost and US$697m NPV.

But that assumed hard coking coal prices of $206.16/t. Now sitting around US$90 and the cash flow disappears. Even after the huge depreciation of the ZAR (which brings down costs), is this project even economical?

Now that CZA has water rights, mining rights and environmental appeal out of the way, they look headed towards development later this year. Aren't they just throwing away money?