If coal prices crash it's the NSW coal miners that are first to go with the flat 10.8% royalty. QLD has a tiered royalty system. If I remember right anything below ~200 AUD and you are paying less royalty in QLD. Also SMR is in a net cash position. They bought 25+ year mine life asset from BHP and paid it back in a year. If the new assets are anything like south walker I'd participate in any equity raise they do.
Potential Daunia Aquisition, page-249
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