Implosion, page-37

Yeah, thats three years away and extra tonnes brings the valuation back closer to what should be in line with the market, but, still over what it should be... in that three years I expect WHC, HCC, BTU, YAL to go up significantly... while NHC will go sideways... the auto buy bots are providing exit liquidity... until they get told that NHC isn't really worth a floor at $4.50 but $3.50... they're always slow to react, thats how dudes like us can play the arbs. My calcs at 13mtpa gives me a valuation closer to $3.50... and if the execution risk from 9.0->13.0mtpa turns nasty, then I get $2.50... but that isn't going to occur in my humble opinion, so, three handle it is.