Target $9.36, page-3229

Aust. Resources & Investment D. Brown 29.4.25 said

"...[India's]steel secretary Sandeep Poundrik said India is looking to ramp up its steelmaking capacity.

“We are encouraging our companies to acquire assets abroad, right from iron ore to coking coal to even limestone and dolomite,” Poundriksaid. “Raw material securitisation is the most important aspect of steelmaking.”

The move comes as India looks to boost its steelmaking capacity from 200 million tonnes to 300 million tonnes by 2030. This would see coking coal imports jump from 58 million tonnes to 160 million tonnes (all emphases, mine) by the end of the decade.

Australia, which is supplying more than half of India’s coking coal imports, is well positioned to capitalise on this growth.

India’s state-owned miner NMDC is reportedly eyeing coking coal assets in Australia, adding to itspursuit of critical mineralsin the country"...

India to boost iron ore and coal demand - Australian Resources & Investment



This huge expansion in India's coking coal imports, & steel output, in only 5 years, obviously bodes well for WHC in the next few years, because WHC:-

. will benefit financially from the expected higher prices for met coal (given India's voracious appetite will increase demand, & raise prices)

. is very likely to sell much more coal to India

. will be "rewarded" if it buys more met mines in Australia, if/when they are offered for sale

. will be strongly encouraged to expand its own operating mines, plus Winchester & Vickery- possibly in JV's with Indian companies.

. will likely benefit from more Indian thermal demand, for its steel-making, energy intensive mills
(India is now greatly expanding its electricty usage from coal -fired power stations- as they provide the cheapest, reliable baseload energy)