Thanks Alex, very helpful and informative. Thanks for asking...

Thanks Alex, very helpful and informative. Thanks for asking them and for sharing here.

It seems consistent with their messaging all along, including that any deal will need to meet internal hurdles and be better than the current sp PE, which is getting lower every day!

Paul has stated on earnings calls before that internal cost of capital hurdles are a high bar for any deal to meet when there's zero debt on the balance sheet. He's also said that a more balanced mix of coking/ thermal coal would be more attractive to potential financiers. Therefore I assume that if there is a deal it will include part bank (or partner) financing, possibly ringfenced to the coking side of the business.

I'm happy to support a potential deal, on the right terms. Obviously hoping for a massively value accretive, bargain price!, otherwise let's stick to Thermal and dividends etc.