Ann: Letter to Ineligible Shareholders, page-20

tell me the price of thermal coal in 2 years and I will tell you the EBITDA

The price of coal hinges on the price of natgas .....

......ánd The price of natgas hinges on the building of pipelines to transport natgas from Middle East to Europe
......and on the brilliance of US fracking engineers who confound all predictions by getting natgas out of rocks at cheaper costs

the world is awash with natgas, the competitor to thermal coal in USA


Never believe a resource companies prediction of future commodity prices when they need capital.

I think the thermal coal buyers see weaker prices ahead, so does the market