valuation, including penumbra, and misc notes, page-3

Hi GS - thanks for the questions - great ones. My understanding with Ferreira is that 700ktpa is coal for sale, just going by the fact that 660Ktpa was produced in 2009, and that the company is looking to expand the resources at that mine.

From the top of my head, the BEE partners will not be earning in to the revenue stream/profits until all capex costs, etc are covered, not just mine-by-mine. I remember being told that Masawu/BB might have to wait 7 years before they see any returns. I will seek clarification on this.

Thanks for correcting me on the PE ratio standards (using NPAT) - my understanding was that the "E" represented earnings, rather than net profits after tax. In any case, the PE I used above was, IMO, very conservative, given all that Conti has to look fwd to, post 2013. As others have noted, Aussie ASX producing coalers have PEs way way north of 20.

As per yesterday, I will be out all day, and will not be posting again until tomorrow. Have a great day every one - get out your calculators & accountancy textbooks & have a crack at your own valuations. I am not a professional, so my attempts are amateur, at best. DYOR!