I have a few shares so I might weigh in with what I think and...

I have a few shares so I might weigh in with what I think and why I am a holder.

To open an opencut operation at 2 mtpa is probably only going to cost $30 - $40 million, coking coal is at ~$200 / t and you margin is going to be very large probably around $100 / t. It is low because it is so close to rail and ports.

How much are these things worth? Well Noble was attempting to take-over Gloucester Coal at a multiple of ~$8.00 / t coal, thats in production (coking and thermal) and is on the upside valuation of coal companies generally.

Carabella currently has 92 million tonnes with probable upside in that one location of 200 million tonnes of semi hard coking coal - but could well surprise on the upside as they really dont know how far the coal seams extend westward. Undeveloped it is probably worth $2 - $3 / t in the ground, there are ~130 million shares fully diluted for options, anyway you can do the maths.

You also need to remember that the MD's last job was next door running the AngloCoal operation, grass will not be growing under his feet to get a rig out there. My prediction is that its a $5 stock in the next 12 months.