Some time back there was an article in the financial Express in...

Some time back there was an article in the financial Express in India making statements about Bowen potential coal deposits,was told , not yet authenticated, that a Bowen director was quoting a potentially Bowen has a 1 billion tonne coal deposit in the Bowen Basin.
Wonder re the statement ( the motive) because the deal to pay a series of instalments but get control of Bowen assets ( Two EPC¡¯s in the latest Sept JV) up front means Bhushan will have these two coking coal EPC¡¯s for capital raising, not Bowen. They also hold first right of refusal over the other five EPC¡¯s with the Put and call.
Remember Nathan Tinkler of Custom drilling raised on an EPC nearby A$5million from the Chinese people,selling down a 15% equity!!! In the undrilled EPC for value adding drilling. Later after having spent the money on a drilling program he sold 70% the resource of 100M/t indicated, inferred and measured (resource stage only) for the better part of A$250 million.
Our IPO prospectus page 4 Chairman¡¯s letter said ¡° The objective of the company is to grow it¡¯s assets by using modern exploration techniques to prove resources¡±. The ultimate development is likely to rest with an experienced miner as the promoted idea was that Bowen would use the funds raised in the IPO to value add selected EPC¡¯s and then seek a big brother to progress . Instead no drilling was done in the first 12 months and worst still during that time ( in the August and then the December agreements ) they gave Bhushan the first right of refusal on all the undrilled EPC¡¯s followed up by two revised JV¡¯s with additional conditions adding the put and call to EPC 1045 as well( undrilled) and now in the September JV¡¯s attempt to hand over the two most likely Coking coal EPC¡¯s on a small instalment, allowing Bushan to have the asset. This is the area we have them on toast with compliance issues if needed.
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