I missed two or three minutes but next one may have been re a SH...

I missed two or three minutes but next one may have been re a SH at the meeting questioning the payout ratio of c.50 per cent.

The MD David said after acquisition of Hunter Valley Operations and two other mines, YAL had to invest to ensure they became Tier 1 mines: this will continue into FY 24 (but he implied not after that).

The dividend is (of course) looked at twice a year: YAL intends to stick to the policy (that offers two options). YAL is keeping some cash at present: YAL is looking for opportunities to secure it into the future. YAL will only acquire if it makes sense for SH.

A SH asked about met coal only being a small part of production. The MD said YAL's objective was to be the lowest cost producer: he claimed it was at the bottom of the cost curve. Others carried a higher cost base. The coal market is cyclical.

A SH asked about Moolarben expansion with its koala habitat 'raising community concern.' The MD said it operates to government approvals, which are detailed. David said it wasn't increasing the output at Moolarben.

The same activist asked about alleged more frequent climatic events. The MD said YAL undertook risk assessments and has improved its water storage capacity on-site. On the heat side, YAL has the majority of equipment airconditioned. The Newcastle Coal Infrastructure Group coal loader failure due to extreme weather was very unusual: some other loaders were not affected.

There is a big stockpile at Moolarben, caused by the December derailment of a train to a non-YAL mine. Moolarben at that stage was at full capacity but the stockpile is getting smaller. The rail network has been running at rates higher than YAL would normally have, so that's a positive.

Re proxy advisers, YAL said CGI Glass Lewis did not support items 8 and 10 but all others were supported. The Chair said YAL must comply with both Hong Kong and ASX markets.

Re a possible free float of 30 per cent or more, the Chair said in 2019 it was at only 15 per cent. Glencore sold its shares in 2022. Today, free float is c.28 per cent. The Chair said he was hopeful YAL can get there.

Since 2017 when YAL paid RIO $3 billion for Mt Thorley, Warkworth and Hunter Valley Operations, have returns matched the outlay? the Chair said all were great Tier 1 mines. Worthwhile.

The NSW government is increasing coal royalties by a further 2.8 per cent this year. The MD said in Opposition, Labor said it would not do this. He didn't agree but it was better than what occurred in Queensland with the latter's ever increasing tax as the coal price rose. Not sure of the exact effect.

Re the appointment of Ms Baker as a Director, there was a headhunter. She did not know existing Directors. It was a three month process.