re: no sellers

The only amazing thing for this stock is that for 6 months it did nothing yet it was in the September quarterly for all to see - operating cashflow of $600k AUD for the quarter, so with no real sustaining CAPEX thats $2mn AUD in cashflow with tax offsets, it was trading on a P/E of 3x - now its at 44 cents on a 'huge' P/E of 5x

The last quarterly in January confused some as they paid down accounts payable, thus a low operating cashflow, but they've done a great job of de-gearing the balance sheet, so the coal project should be able to be partially funded out of cashflow ande debt.

Essentially you get a free option on the NPV of the coal.

Target price should be at least 80-90 cents or 10x earnings.