Yep back to Teresa..........
PB has recently stated that he has not seen a coal market better than where it is currently at now. For the life of me I can't find where he said this.
What I don't understand is that if the coal market is better than it has ever been (his words) then why is Teresa now being rumoured to be for sale for around $500 million when Linc has in their Annual Report an independent valuation of $614 million?
Furthermore, as long time shareholders would know, Teresa was all but sold for $1.5 billion back in 2008 to Xinwen Mining Group Ltd. Thanks to the GFC, Xinwen pulled out of the deal.
Is this the same asset being sold today? I would have thought the work (drilling etc) performed on Teresa since would have increased the value? I understand the $AUD was a lot weaker back in 2008 but to affect a price of an asset 2 and a half years later to the tune of close on $1 billion just bamboozles me.
Are current coal prices at an all time high now or were they back in 2008? I seriously have no idea about coal prices now and then. Can someone advise?
Anyway, see for yourselves. Announcement of 18 Nov 2008 below
Emerald (Teresa) Coal Tenement Sale Update
:)
Nic
PS: I know I have raised this before here but thought a refresher was appropriate at this time for discussion
PSS: Don't forget about Arckaringa and the Great Northern Coal leases. Results are due out within weeks.
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