TSI has initiated coverage on Attila Resources (ASX:AYA) who is developing the Kodiak coking coal project in Alabama, USA. The aspect which makes Attila stand out from its peers in our opinion is the infrastructure that surrounds the project. There is an existing rail line within 300m of the clean coal pad and a barging facility within 10km of the project. Both rail and barging options have spare capacity and connect to the Port of Mobile, which is the 12th largest port in the USA. In addition, there is other significant infrastructure and mine development that exists at Kodiak. This has reduced the initial capital development costs. TSI estimates FOB cash cost for Attila are $105/t, which is in the lowest quartile of coking coal producers. We initiate coverage on Attila with a valuation of $1.50/share. (VIEW LINK)