enterprise valuation, page-7

MPO transaction only tells a story of a poor quality resource.

It is likely if a reserves review was performed on MPO, there would be a reserves 'downgrade'.

Latest RBS report released on Westside confirms this.

A distressed seller sitting on poor quality dirt.

So it would be right to ignore MPO's transaction metrics in the circumstances.

I agree there should be a "write down" on transaction multiples if a transaction was to occur today however as time passes and the market gets tighter, one could argue the opposite.

Remembering also all Coal Seams are NOT created equal.