Ann: AGM Presentation, page-205

Hi SJ,

A belated Merry Christmas to all and happy new year (starting tomorrow).

I follow your thought experiment re imagine if CKA sold BBM coal as CV thermal coal… and the possible prices. If I put my sarcasm font on perhaps we could imagine if CKA sold BBM coal at gold prices? The reason I make this little jest is that Dom, Karan (and others in earlier years) have categorically stated (when asked directly) on numerous occasions that they will not sell BBM as thermal. They give various reasons but answer remains a hard no.

Is there any method to your comparison or is just shooting the breeze on New Year’s Eve? I ask because if so it is a change of strategy that we don’t know about. If it’s just chewing the fat then it would important to let other readers know at then end of your musing that it is unlikely CKA would secure the thermal prices you have gone to great lengths to calculate.

In my best festive spirit, could you do another comparison with BBM coal sold at unobtainium prices? Said in good humour.

Ho ho ho and a happy holiday season to all long suffering CKA shareholders

AM74