the average value of insitu resource for exploration/development...

the average value of insitu resource for exploration/development coalers is about 30c and if you take the world markets into consideration and the eurozone problems, let's bring the average down 20c p/t insitu.

to discount it further by 50% for EER is 10c per tonne, that itself values EER at $120m or about 70c - with resource upgrade to come.

lets say once they get to production and ramp up in 10years and eer gets diluted by 60% - even on $20 profit margin on coal sold at 20mtpa x 40% = $160m / 166.5m shares on offer = 96c eps and give it a p/e of 11 like other producers = $10.56.

That's a compound annual growth of 50.26% before you start receiving the dividends.

it will get to production, the MD has a lot of money on it and Noble is backing it.