I think they are unable to provide proper numbers on Marianas as they have no JORC compliant resource? This is not a scam just a compliance requirement. Obviously the Beaufort group have seen the projected numbers and appears to have sufficient net cash to service the debt!!??
To me that is very encouraging as a $10m debt would have to have at least 8%p.a. so $800k to cover.
The idea is obviously NOT to develop the Coal but to sell to the already producing CoAl company as a contiguous asset. Then if realised the other Coal project may become viable as a developemtnor another TO in the making...
Makes sense to me that the Mgt team are working towards making CDB an early producer, being able to represent a turn over that allows debt funding going forward. THis is a critical element at this time for resource stocks and I would suggest would provide a premium to others IF they can demonstrate the cashflow!!
Go CDB!!!
Jaz
move on, page-11
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