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You make good reading Gazman.

The big boys have the Bowen Basin best bits to themselves. The smaller players are picking up what is left. NRL had not been on the radar until they made the announcement.

The Bowen Basin we are told supplies over half of the world coking coal and that reserves are diminishing and lesser quality coal will need to be mined in the future.

For those people that have not read the brokers report on Stanmore, they should. It correlates to NRL very well. They don't muck around. Here is a quote:

"Both the Burngrove and Fair Hill seam formations are considered a dirty coal with 30-40% ash, and require beneficiation to produce a saleable product."

Here is the link:

http://www.stanmorecoal.com.au/HTMLContent/images/Stonebridge%20Report%20-%20October%202010.pdf

The bottom line is that these companies do have a value now and in the future based on their lower quality assets.

imo NRL and other smaller players will never mine these assets. Their job is to prove up the resource and sell it to someone who can create the synergies required to make a profit. This is what explorers do.

btw some time this year NRL will issue say 100m shares to the top shareholders only to do a study for Comet Ridge. This will give the sp a big kick along as the reason for keeping the sp down will have been removed.

At some stage a broker will do a report on this new coal company and we will all see that they will assign a good value to NRL

DYOR and good luck.