Ann: Stanwell Transaction, page-147

I haven't left out the $210m, its included in the figures I proivded. The $210m is not be 'paid' in cash under the NCSA - Stanwell will receive the $210m in the form of a discount on coal supplied to it under the NCSA to commence from 2027. As I said in my post above, in 2027, the the 3.5mtpa of thermal coal CRN must provide to Stanwell decreases to 2.2mtpa. It's the remaining 2.2mtpa that remains under contract from 2027 that the total value of the discount will be applied to (to the value of $210m plus inflation).

And when you look at it, this is far from scary, but results in an improvement in the financial position for CRN. Under the terms of the NCSA, the balance of the $210m "will be settled as a discount to the price of thermal coal supplied to Stanwell over the term of a new coal supply agreement which is expected to commence in 2027". No cash call, just a discount on coal prices.

Even with that discount applied under the NCSA, it the prices achieved by CRN for that volume will still be substantially higher than it is now on the current equivalent volume. So again, even the change to the new terms of the NCSA in 2027 for that particular aspect, it will result in a positive financial change for CRN. And remember, no export rebates are payable during the term of the NCSA, so thats another ~$120m that falls straight to CRN's bottom line.

The new transaction is clearly in relation to volume separate to that covered under the NCSA. Don't conflate the two, and the impacts of both agreements are included. It doesn't change the fact that 2027 will result in a massive financial improvement on all arrangements, including on all discounted and non-discounted volume provided to Stanwell.