Ann: Dividend Declaration, page-242

My comment has nothing really to do with the coal price.

Blair Athol which is currently making a crap load of money, is the only coal mine TER own 100% (they have 49% ownership of a bunch in South Africa, which is doing okay, but nothing special, and these mines don't have a long life either) only has 8-9 years of life left. Once the coal is mined and sold, there is no real value in the mine, they need rehabilitate it, the mining licence will likely not be renewed and the land will likely go back to the government. Shareholders will still make good money by way dividends for the foreseeable future.

If the coal price drops, Blair Athol will still make good money, depending on how far it drops of course. Sep22 Quarter they made a EBITDA per tonne of A$269, so there is plenty of room for a coal price drop and still be profitable.

Page 7 of the annual report