RBA,
What's interesting about the valuation extract and the Indian deal is that there is a deadline of 18 Nov 2007. Before this deadline ESI has to secure a resource and within 7 days notify Abhijeet. Now, we know this hasn't happen but still they include it in the valuation. You would think this would be pretty reckless of ESI to release a valuation clearly stating confidence that the Indian deal is on track when in fact it isn't due to missing a key contract requirement of the MOU.
IMO to secure this Indian deal it's possible we may see a resource partner contract ann soon which could mean VCR or GEOSTAR has just come full circle.
This deal was for 20 million tonnes pa. That's significant export revenue for ESI. 30 percent of gross margin.
Cheers,
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