It's early in calendar 2023 but Directors' comments about the open cut mines being susceptible to further rain may prove to be unduly pessimistic.
While I don't want it to affect other holdings, it's not outrageous to suggest lower east coast Australia (including the Lower and Upper Hunter Valleys) may have a drought, or at the very least substantially lower rainfall.
Ann: 2022 Financial Result Presentation, page-13
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