more coal than you can poke a drill at, page-5

hypermax,

My understanding is that MTE will not start developing their coal mines until 2015/16 with first production in 2017/18 so I don't think they are in a hurry to prove up reserves.

They are no Bandanna. Metrocoal is undoubtedly at least 2 to 3 years behind them in development. I've always said and known this.

They have already identified an indicated resource at Bundi which pretty much suggests there is a 30 year mine life at 5mtpa. The indicated resource will grow and with further closer spaced drilling they will get further indicated and also a measured resource (undoubtedly) this year.

You ask, "why is MTE content at resource expansion and not mining reserves generation."

Perhaps the answer to that question is that MTE want to explore the whole of their tenements leaving no stone unturned. A bigger resource might assist in attracting a variety of JV partners. Who knows? It's not as if they have promised the market that they will be a producer within the next 2 years. It's obvious that they cannot develop on their own hence the search for another JV partner.

They have the China stated owned SinoCoal as the JV partner at Columboola and this too will get an indicated resource and possibly some measured this year.

Reserves can only come about from an indicated or measured resource. They need to do more drilling and get the scoping/concept studies, mine plans and feasibility studies done. It's as simple as that. I'm sure its not that simple but I'm sure you get the drift.

I see everything going to plan, unfortunately for some investors they overpaid for their shares as MTE like many other companies overshot during the middle part of last year.

For MTE, it's really all about time, money, good management, rail and port. They have the coal. LOL.

That Paterson's report was absolute rubbish. Only thing I liked about it was the $1.10 price target, other than that it really was useless/already known info.