Ann: Ceasing to be a substantial holder, page-150

Bluff is a small pit, relatively structurally complex with minimal working space for the mining fleet. The stripping ratio was very high at 19:1 bcm/t (ROM) in the June quarter but the quarterly suggests they are adjusting the mine plan and setting up the terraces for terrace mining. Unless they can bring that stip ratio down then this will continue to be a marginal operation at best. The problem is there are no LOM plans, feasibility studies or reserve estimates reported, and when companies think none of this is required , it is usually a major warning sign that they don't have a good handle on their likely unit costs.

Bluff is an ultra low volatile PCI (which as you suggest is problably more similar to a thermal coal because it doesn't have any coking properties), although is classified as a met coal because it is used to inject into the blast furnace to reduce the consumption of coke. It can be benchmarked against the LV PCI index (should achieve close to 100% of that index) and should trade around 75% of the Platts index for QLD LV premium hard coking coal.