The present bid for former Felix Resources subsidiary South Australian Coal (SACL) is worth today 25.8c a share with cash of 21.61c a share possible if coal expectations are met - a total of 49.16c a share.
The coal holdings are between 3 and 4 billion tonnes as stated by Mr Brian flannery. At a price of just 10c a tonne this works out at a value of $300 to 400 million or between $1.65 and $2.20 a share with the gold prospects thrown in for nothing.
It seems that a bid of $1.85 a share would be a fair price for South Australian coal with a bidder taking a realistic gamble on the eventual coal available.
Come on now, 10c a tonne of coal is not expensive its dam cheap.
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