RE: Valuationforward 2011 EBITDA (NOT revenue as previous posts have been alluding to) based on CMK's production plan of 1.2-1.3 MM tonnes of hard coke will be approximately US$100MM (if you use reasonable met coal prices).
If you use that as a guide and apply a 4-5x EV/EBITDA multiple (current comps in the 5-6x range) your valuation on an enterprise basis should be around US$400-US$500 MM. Re-rating in the multiple likely won't happen until Q4ish (i.e. production start) IMO.