Ann: 2022 Financial Result Presentation, page-19

The unit cash cost of $94 sort of surprised me a bit, but considering the implied significant amount of sales priced with NEWC not API5 based on the avg price info released in the quarterly report, on top of the normal inflationary items, I think the purchased coal used to blend in the product for a higher sales price could have significantly raised the cost base as well, which makes sense.

I think the management is prudently managing the payout, they have a $1.5B tax bill to pay, and a coal market that is somewhat softening as we enter the spring in the northern hemisphere. Commodity market can be volatile and the last thing you want is a cash flow problem.

If coal price can be supported, this is still a company which has simple operation and good dividend policy.