It all depends on how you look at it. Just like BND, 1 year ago,...

It all depends on how you look at it. Just like BND, 1 year ago, people thought their coal asset worth 1 billion, now coal is not hot people think it worth negative (below cash back).

Debt to equity ratio will change with the share price, it will become low when share price move up. Profitability is much more important. 221 mil ton high quality at around 6750kcal, yield around 63%.

In Australia, you need average $110 mil fund to bring 1mt/ year coal to production.

Zar 200 mil (around $22 mil) is enough to bring it to production, because plenty jobs had been done. Around $2.6 mil for water system, $7 mil for box cut, another $2.6 mil for redeveloping rail siding ( they can use other siding nearby if they want to save this amount). Now around $3 mil cash left. You can do the calculation by yourself. You can do some research for the coal mining cost in South Africa.