hypothetical, page-17

I agree stja. Those that believe it should be valued at less than the NPV of the coal sales including royalties due to lack of faith in the UCG process do not understand how a predator would view these assets. Cash burn is not fast enough to dilute the value over the next year or two, even if you assign no value to the technology. So a takeover is inevitable if the share price doesn't correct itself, which makes it a fairly safe punt