flx stats, page-9

Bungi & ZZAZZ

FLX have a 1.3bT JORC resource, see breakdown below

Measured: 428.5mt
Indicated: 259.2mt
Inferred: 677.5mt

FLX have 368.5mt of JORC reserves (125.4mt Proved & 243.1 probable)

So EV divided by this will give the multiple. By the way I noticed a minor mistake in my stats with the EV,

EV: MCap+Debt-Cash, $1.66bil + 91mil - 300mil= $1.45b

EV/Resource: $1.45b/1.3bt = A$1.115/t
EV/Sales Ton = $1.45b/4.6mt = A$313/t
EPS: $188.5m/196.3mt = 0.96c

What YZC are eyeing IMO is the production by 2012 of 16.7mt. This is 3.6 times '08 sales figure of 4.6mt. So obviously the assets have a huge potential/demand despite the mow low coal prices.

Felix's sale's tonnage was 4.6MT so the production would have been around 5.3MT. There is some run-off coal hence the sales fig are less then the actual production figures for coal.

I had a look at the NPAT fig's from Macarthur, Centennial & New Hope, Felix certainly looks very attractive.

cheers.