Ann: 2022 Annual General Meeting Address and Presentation, page-35

Met coal is an industrial commodity; all industrial commodities (nickel, tin, copper etc) have suffered large price falls recently due to fears of global economic slowdown this year. Whether there are any special factors affecting the steel industry, or the Chinese steel industry, I don’t know. I would expect the slowdown to last a while, and met prices remain weak during this period. By contrast, thermal coal prices should be comparatively well supported, as the switch from using Russian thermal coal in Europe, Japan, Korea is probably a permanent change. Non-Russian thermal coal is thus in short supply, and can’t be readily substituted by nuclear, LNG, renewables, etc.