Ann: Half Year FY24 Results Presentation, page-169

Correct me if I'm wrong but here is some cost curve commentary:

~125 NEWC is 75th percentile of the cost curve.

~100 NEWC is 50th percentile of the cost curve.

Spot is currently 120ish so we're well into the cost curve now.

WHC's costs inc. royalties are ~85 USD based on recent guidance which sits around the 25th percentile.

Should spot get to WHC's breakeven cost, ~75% of global export production will disappear.

Remember what happened post oil trading negative during COVID - same would happen to coal out the other side (on steroids) should we see a short term crash deep into the cost curve due to a global shutdown.

"The cure for low prices is low prices"

I agree with all in favour of a BB at current equity levels. Some of the $$$ earned from a selldown could be used to BB 100M shares = $700m @ $7/s or $800m @ $8/s.

Either way, it's a fun time dissecting this major transformation and the possible pathways it could go.