Ann: AGM Presentation, page-194

Only stupid people argue with ill-informed idiots.
90% of Indonesian thermal coal is inferior to Australian NewC benchmark.
The only coking coal in Indonesia is in the Maruwai Basin where BBM, TBAR, BBP are located. In fact they previously belonged to BHP as did all the best quality and quantity of the Maruwai Basin coal. I was a key person is the BHP in-country team.
The Maruwai CCoW coal commands 8% price premium to the best Aussie coking coal at Goonyella/Peak Downs which are the World Benchmark for Premium Hard Coking Coal.
Juloi CCoW has superior coal to that in Maruwai CCoW. BBM and TBAR were relinquished from Juloi. And BBP was relinquished from Maruwai CCoW.
Relinquishment takes place by law so in great CCoWs you have to toss out some of the silver to keep the gold.
I was part of the team that relinquished BBM, TBAR and BBP. We had drilled and our geologists would know more about the quality and quantity in Cokal leases than Cokal does now.
Coal Contract of Work (CCoW)
I could go through the individual quality parameters but as a great marketing man (Warren) once said "Premium Coking Coal is whatever the customer will pay a Premium to secure"