'If it can 10 bag form these levels to 60c I will be debt...

'If it can 10 bag form these levels to 60c I will be debt free(just).'

10 bags full from its current SP only requires a $135 million MC for MNM.

If the JV is 'actively progressed' all the way to the finish line then this kind of MC for an asx listed coal producer with access to a billion tonnes+ of thermal coal equivalent resource would not surprise anyone.

and the brown coal is not the only way MNM could justify a $100 million MC. by the sounds of the update on the Mt M case an early 2012 trial date is likely.

the exchanges of witness statements and the bundles of trial documents left to go before trial are not major steps as the bulk of the work behind these steps will already have been done (witness statements are taken at the start of a case). the trial document bundle are the key documents each party wants to put into evidence. they are all taken from the 'discovery' phase (where each side produces their documents to the other), which finished several months ago in this case.

a conservative asx peer based in ground value for the kind of coal at Mt M is approx 40 cents per tonne. the estimate of the Mt M resource is between 100-500 million tonnes. so a mid point resource of 300 million tonnes could also deliver that $120 million+ MC you are after Rubes.

And it sounds like GC keeps on producing more shears to be drilled to add a possible million ouce gold project into the MNM mix.

If Merkel agrees to fire up that Euro printing press to coincide with MNM's news flow over the next few months the SP should revert to something closer to fair value for MNM.

An EV of $10 million (assuming $3 million cash at bank) for MNM's three major projects is absurd, and will not survive the inevitable pre-xmas market rally.