With the aim of encouraging volumes, RMKE understands how strong infrastructure will enable them to remain cost-competitive, especially when partnering with local small-to-mid-sized coal miners. Keeping this in mind, the Company may retain its bigger coal player clients (Baramulti, etc.), hoping they will continue to use Company service. Valuation-wise, the Company now trades at 22X PE, with strong growth potential from both coal volume and ASP, while there is no direct competitor yet ready to disrupt company business, at least over the short-to-medium term. Further, the Company has also now started to mine its own coal, although at this juncture the volume still very modest, at just 120,000t/year, with stripping ratios of 3X; management will seek to raise coal production in the near future to reach desirable scale of at least 1MT per year.