reasons why, page-30

Hi fakeshark, I agree with your sentiments. I think it is strange to see the stock with the single Mongolian coal play almost with a higher MC than Mantle, especially when you do a comparison.

With the recent discovery of 50% ash black coal with the majority of deposit under 50m of overburden with 5m seams. The coal will require washing and ATM there are no washing plants in Mongolia as the other coal mines in the area do not have the same unacceptable ash levels. It is technically possible to reduce the ash to 20-25% although when competing with mines across the road which have exactly the same costs, it could prove difficult.

If you compare with what we know about Mantle and its current projects:

Bacchus Marsh Exergen 50/50JV, 1.6bt, $1.4bNPV, construction to start 2016, 20mt/pa
Granite Castle, small portion of resource drilled to JORC, total potential 1moz of gold and 150moz of silver
Mt Mulligan, known coal deposit, prospective for CSM with potential for gas turbine genset project.

I remember some time ago Mantle flagged the possibility of acquiring an O/S project. perhaps the Mongolian play was destined for Mantle’s books, however perhaps it was a case of 'The Fish John West Rejects'