Substantial value in upgrading business

Report Date: 14 April 2011

Analyst Details
Company: Southern Cross Equities
Analyst: Fleur Grose

Summary

WEC and Cascade have terminated the agreement relating to the Cascade Coal acquisition. Although this delays WEC’s aspirations to grow a conventional coal mining business, we highlight the value that remains in the upgrading business. Despite delays ramping up the upgrading plant in Indonesia, which could take at least another 6 months to fix, WEC remains undervalued and we retain our Buy rating.

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