DJ1,NEC may have negotiated a joint venture deal to cover...

DJ1,

NEC may have negotiated a joint venture deal to cover feasibilities studies and development of their thermal coal projects which will require some deep pockets. Although i think this is possible, if you have confidence that the Maryborough coking coal project's exploration target is achievable (which would give them a similar size JORC to BTU which just raised more cash than NEC is worth...) then an early bid now may only be pricing in this asset and no value for the thermal coal and other coking coal projects. Using this logic it would make no sense to make a single joint venture transaction with NEC, but could be wrong, will know soon enough. As far as price would look at other coal transactions on EV/t.