I own a heap of these and would not accept $20 for two...

I own a heap of these and would not accept $20 for two reasons.
$20 means a market cap of about $3.5 billion, roughly.
On the earnings side that would mean a PE of about 12X if they build just 1 colliery with 3 million tonne of exported coking coal and 4.5 million tonne of thermal coal straight in to the new power sation. One rider on that is the Tata deal of 30% but that would depend on the colliery being on the small % of land on which they signed that deal. If the resource is anything like what was hinted at by management in that interview a month or so back then several collieries would be justified. If they can manage more exports down that rail line or better still use the Zambezi River (does anyone know if it is navigable-I have no idea!) the number of collieries could be huge. There would be little limit to the amount of local power that could be sold as all the countries in the area are desperate for more power to fuel their economic development.
From a market cap/resource perspective, $20 per share or $3.5 billion fully dilutes would be justified by 1.2 billion tonnes. I don't remember the exact number that Michael O'Keefe(I think?) was quoted on in that interview but I think it was 2 to 3 times CVRD's current resource of 2.4 billion tonnes eventually. I've used $3 per tonne because that appears to be a fraction above the lowest market cap/resource tonne ratio that I could find. I've been generous here because the lowest companies on this valuation method have almost all thermal coal which is much less profitable than coking coal.