when is the afternoon rush starting?, page-18

'Hardie, how do you feel today?

Second to Highlandlad in thumbs up today on the front page.

All we need now is more love between the 2 threads and this could shape up the perfect storm for both sides.'

Sorry TBAG, but we have this quirky, old fashioned habit of calling it like it is in here.

And we are doing pretty well to date as a result.

The stated view of almost all LT MNM holders who post in here who have taken large MNM positions due to extensive research of the looming Victorian brown coal upgrade/export boom is that there is only one brown coal stock on the asx worth buying.

It is MNM for three simple reasons:

1. MNM is - as of today - effectively an investment proxy for exergen (which is unlisted, so unbuyable), an exergen is effectively the Victorian brown coal upgrade and export division of Tata Power, which is part of India's largest company.

2. MNM has the best brown coal tenement position of any listed company in Australia.

3. MNM's MC implies an in ground value of its coal holdings at less than 10% of peer comparisons on the asx.

Tata(exergen) voting with its billions has always been the key to MNM.

MNM now have a fully binding JV with them (through exergen) at our 369 sq km brown coal project in BM. That project is earmarked to produce 12 million tpa of BCE, with Tata already committing to 8 million tonnes per annum of that.

MNM's share of that revenue is in the hundreds of millions of dollars.

But, possibly even better than the BM project, MNM have another 600 sq km of brown coal ground in the heart of the LV.

Bear in mind that AGL's Loy Yang mine in the LV area has an estimated resource of 7.7 billion tonnes at their 45 sq km of LV ground.

MNM are LY's next door neighbour. But MNM have 600 sq km - 13 times more brown coal ground than LY.

The suddenly very real possibility of Tata Power targetting MNM's huge reserve of LV brown coal to feed India's power plants for 100 years now has to be weighed up by the market.

A $30 million MNM MC is not even close.

DYOR