undervalued?

Now, I'm not very good with fundamentals so any feed back or contribution would be great.

I'm I wrong or does ATQ look substanialy cheaper than CCC as a comparison between coal juniors in African nations?

Ive just noticed that ATQ has a market cap of $15M dollars compared with CCC's market cap of $55M dollars.

Both have thermal coal.

ATQ have 210Mt PROVEN. And have now said a likely upgrade to approx 400Mt. THIS does NOT include the latest conssessions!

Quoting CCC's last presentaion they have "Over 300 million tonnes of mineable coal resource." Thats across all their sites.

This latest announcement by ATQ was actually mentioned back on 22.01.10....
"current resource estimates are grossly
understated."

CCC are more advanced in their business, having secured offtake contracts and some equipment, but they have debt, where as ATQ don't have any do they?
Just not alot of cash. 3.3Mil as of Dec 09.
Capital raisng coming up? or will 3M last long? Guess it wont if looking at a mini mine.

ATQ.....DO have government backing though!! That seems to me to be a MAJOR hurdle cleared for future development.
I mean they were just short listed for consessions.

ATQ is also looking into BUILDING a 400MW power station, which Ngaka coal field could supply it for 100 years @ 2Mtpa.
So you would natural hope a government would support that!

CCC will have an income stream sooner, though I find this latest idea fantasic from ATQ about a mini mine.

So what other comparisons are there?
Where have I made my mistakes in my reasoning?
What have I missed?

Undervalued?