A little play with numbers
According to today's news release, NAG intends to mine approximately 350 acres of the recently acquired Granny Rose lease that has Blue Gem coal.
According to Alden Resouces, a privately owned miner and NAG's next door neighbor in KY that also specializes in Blue Gem coal, the price can be as high as $ 120.00 per ton.
With an average seam thickness of 2 feet, the lease can contain as much as 30 million cubic feet of the stuff.
That translates to close to 1 million short tons, based on a weight of 60 lbs per cubic foot. (I used 60lbs/cubic foot as an average, if anyone has a more accurate figure, please post it.)
Let's say NAG is able to extract 800,000 tons of coal from this seam with a conservative estimated profit of say,
$ 40.00 per ton, we are talking about $ 32,000,000.00 of potential profit from Granny Rose.
And this just one lease.