mine expansion $745M while parent Peabody USA<US38M!!
No doubt a report by Peabody’s “expert”, Deloitte Access Economics, will be brandished about with élan. For the report finds the Wilpinjong<coal mine> expansion has net benefits of $745 million; something which may surprise Peabody’s shareholders as their entire <USA parent>company is now worth $US38M…This must mean one of two things; Deloitte is wrong, or markets are wrong (in which case, pin back the ears and dive into Peabody shares!)…We prefer option one though, partly as Deloitte’s coal price calculations were, “based on advice from [Peabody]”…This is the beauty of being an economic consultant; it doesn’t matter if you are right or wrong, you get paid regardless…By approving 20 new coal mines it was wrecking the price of Australia’s second largest export. Today’s proposition is to establish why.