Agree, it actually has a larger impact than these $10-$20 swings in ICE coal prices, but receives much less focus.
For example, during the 2011 coal peak cycle the Aussie dollar was buying well over $1 usd (at much lower coal prices). Now sitting below 70c, it means for every $1 we make in USD today, we receive an >45% multiplier.
In other words, some nights you see coal price drop 2% and everyone wants to sell but the AUD weakens and it means we are actually receiving 5-10% more despite the price drop.
I think it will take a quarterly or a dividend before people actually realise this.
Target $18.72, page-3327
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