pilot plant trial a success!!!, page-66

amazed

"Tata etc are never going to commit until there is certainty re coal/tech....years away."

I believe that the next step is a binding agreement with TATA and co. (Exergen) the have a MOU currently. Timing is between now and August.

"Secondly, the market wants to see MNM prove BCE in large scale test burns...learn from the ESI experience."

The coal from the exact same mine as ESI, Maddingly. However the drying is more efficient and better result. If anything these burn test will prove a superior product through superior technology.

"Most importantly, the market wants to see MNM prove they have coal - drilling is yonks away and then there is the enviro tussle."

From what I can tell the target is based on some pretty extensive historical drilling, so infill drilling may be adequate for a JORC. Also brown coal is just about the cheapest resource to drill.

"At this stage MNM have bulk samples - they cant prove commercial scale production in any way."

Commercial means saleable product, that is right they are not in production yet. With a MC of $30 million you would not expect as such. The Exergen pilot plant is a demonstration plant which has the same output as the scalable commercial plant.

"MNM's Exergen jv is in its infantcy...it all takes time..."

It is actually ahead of ESI, as ESI needs to actually test the design attached to a power station. Mantle also has its own resource and an export market.

Regarding the capital raising, sure Mantle will need cash to proceed with the resource definition. But don't they have a 50/50 split for costs with Exergen? So it would be dollar for dollar with the likes of TATA and co. Also could they sell off some off their base metal projects?

I agree with you hardman, considering it had over $1.5 mil turnover, a VWAP of 18.7c and finished flattish, it was obvious that holders of around 10,000,000 shares in total were intending to sell into the announcement. They were frustrated by the large sells, perhaps caps, in the early 20c range and sold at market. That suited me as I did want to pay more than I had too ;)

but that is just my take

W