Expectations for June Quarter, page-335

Personally, I think many people miss the upside potential of SA.

The best assets that they have are not yet in production. NCC and NBC are very good, fairly long LOM assets, that will be used to find the development of other components of the business. I came into TER as a UNV holder, and the jewels in the crown for their thermal coal assets were Eloff and Arnot South IMO. Both very close to existing mines so can utilise / expand existing facilities to keep the costs down and thats all before considering the potential Coking coal assets at Berenice / Cygnut.

SA just realised about a $45m PBT for TER which I think is great, but with some focused investment, they could turn SA into a $100m PBT venture with the current assets they hold. Either that, or some sort of transaction to merge those assets with MCM's assets might be a possibility.