Ann: AGM Presentation, page-207

It is my opinion that the first coal sold will be domestic and thermal at that. It has always been the stance of management that it will be PCI and coking coal. However oxidised coking coal, is not coking coal. It could pass as PCI but it would be PCI product with VM 18 to 22% and not our genuine PCI with 9 to 12% VM. So it could cause market confusion with this inferior PCI product. As it is oxidised it will have CV 200 kcal lower than unoxidised coal. This will further degrade the reputation of our genuine semi anthracite PCI product.
SJ180k