Survey Phone Call, page-5

Not sure why most are so anti a acquisition, everything has a price where something becomes attractive right?

Before writing off any M&A activity imagine if we could acquire a producing coal mine at a 1.5 - 2x multiple and conclude a highly accretive deal with either JV or vendor financing? I think you can strike out equity raise given the buyback but not having to take development/expansion risk in the current climate means a lot in my view... we also grow earnings which is important

Coal is so far out of vogue, BHP have a track record of basically giving them away, personally im glad WHC seem to be right in this race.

BHP giving assets away source: Deal of the year for Glencore which according to the article and below video even based off current coal pricing was sold at an estimated 1.5x forward cashflow. Would people not be happy if we could secure such a deal?

Obviously, this mine is in Columbia which doesn't share the same risk profile as Australia (although perhaps some states might ) but with WHC currently trading at 3 - 4x forward earnings a accretive deal is certainly possible

This is also worth a listen, it should auto-start from the right point for anyone who hasnt