profit more than market cap, no brainer, page-171

Just checked exchange rate, 1USD=10.30Rand, 1AUD=0.9177USD. Very good for coal exporter in SA.

Even FOB cost for IKW is 550Rand/salable ton, in USD, it's $53.4/ton. API4 price now $78.40, margin $26/ton. EBITDA=1.25mtx26=$32.5 Mil

In AUD term, EBITDA=$32.5/0.9177=A$35.4 mil.

In general, you need to pay 5xEBITDA to acquire a mining project. I use 4xEBITDA to value this project giving bearish sentiment at this moment. Valuation for this project is A$142 mil, So even A$20 mil(200 mil Rand debt) was taken from this, still A$122 mil left. It's 36c/share.

I think my first target 15-16c in next few months is very reasonable, but need debt facility to be approved.