kakoii,I don't think there is a hard and fast valuation -...

kakoii,

I don't think there is a hard and fast valuation - depends on several variables:

- Management (tick)
- Resource Size (tick)
- Resource Quality (tick)
- Proximity to infrastructure (Tick)
- Both Thermal or Coking coal play or a pure Thermal (Tick)
- Possibilty of long term supply agreement (Tick)
- Availability of export facilities. RBCT expansion has reserve for BEE's. Comdek in discussion and was considered in DD (Tick)
- Availability of rail. Considered as part of the DD. 40km of new build rail - Cost burden would fall mostly to Spoornet. No SDL or FMG here. (Tick)
- Management ability to meet expectation (Q2 objectives met - waiting on upgrade) (Tentative Tick)
- JORC status (expecting upgrade on size and status of JORC)

Lot of boxes ticked. You can no longer say that this is a re-cap. Its an entity with a major resource that has only begun to re-rate.

Hold.