The basic reason is that MNM is a coal explorer soon to have coal exporting potential thanks to Exergen's process.
Lots of coal explorers have been doing quite well in recent weeks - look at AQC, CEO for example.
MNM doesn't own the Exergen technology - they merely propose to deploy it.
Likewise, White Energy is a coal mining company which also owns coal beneficiation technology which they are deploying in Indonesia (but haven't yet got their plant there to nameplate capacity), plus they have substanial coal assets in Australia.
It is perhaps useful to reflect on the fact that their coal technology was developed by CSIRO in the 90s and is only know coming into commercial use
ESI is just a technology company which through JV opportunities has the potential to also benefit from coal production - once the JVs start producing coal.
The basic reason is that MNM is a coal explorer soon to have...
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