Stockchap: All pins more on the price of thermal coal and its uncertainties in the life of a 25 year production mine.
We have seen girations between US$70 and US$200 per tonne of thermal coal over the last 3 years - the AUD has been very strong against the Greeenback and reduced hoped for profits.
Their are high costs to develop the mines up to 2013 and beyond. Cash will be needed and that is likely to lead to increased placings - probably not rights issues due to the number of foreigners onboard.
$500 million for Cascade coal is a 'jump too far'; the share price recognises the fact.
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