updated gmp broker report - 12c buy, page-3

thx for the GMP update; i have carefully studied the original n update for the 1st time n would point out that the target price of 12c is an undervalue becos the underlying assumptions are no longer valid.

the 1st report assumed reaching 2Mpta production by 2012 n 2.35Mtpa in 2013. updated figures released by CCC gives 2011 production @ a minimum of 2Mtpa n 7Mtpa by 2013. even not factoring assumptions of higher coal prices it is obvious the DCF calculated by GMP seriously undervalues CCC @ 12c.

the reports mentions the kores Jv and other projects but IS NOT FACTORED into the previous DCF.