So the $1.5 was not really what a competitive market would have...

So the $1.5 was not really what a competitive market would have paid if the coy had it up for sale.


Yep. $1.5B was panic buying from the Chinese, and Teresa was never worth that much. If it had been a prime hard coking coal deposit of the sort BHP or RIO mine up there then it would have been a different story, but the Teresa deposit is not that good. I forget the exact figures but of the 800Mt resource something like 200Mt is in the boxcut plan and of that only a minority is coking coal.

The resource has been pretty well drilled already so additional drilling isn't going to up the value much.

But it's no big deal. PB is a shrewd businessman and Linc isn't pressed for cash so he'll take his time and get a good price for it. If it hadn't been for the Xinwen fiasco everybody would be looking at this deposit and saying "Wow, they might get $500M for it!" instead of "How come they aren't getting $1.5B???"