noble group could see value in buying the rest

Following the AGM on 14 Dec, Noble Group will own 51% of BWD shares. Don't be surprised if they try to buy the other 49% with a low-ball bid and take the company private before it starts building a large JORC resource. Noble Group has two board seats.

The Pentland South target is 2-3 billion tonnes of thermal coal (reasonable quality of about 5,700 kcal/Kg GAR), near the rail line to Port of Townsville.

EV is a miserly $32m.

Drilling is underway now at North Hughenden, where Guildford Coal (GUF) has it's main resource.

Now is the right time, with a little life starting to show in the beleaguered listed coal market.

I bet this is a conversation Richard Elman (Noble Group CEO and Chairman) would have had to have had with fellow director William Randall, who is also on the BWD board.

This is speculation on my behalf only, with no knowledge of any actual conversation.