Ann: Change in substantial holding, page-22

A little confused

1. Moody’s predicts that full-year 2015 coking coal prices will average $120-140 per tonne.

2."the new agreed price level suggests that there is currently very little confidence in a faster and more meaningful recovery in coking coal prices – at least for this year."

I personally would be happy at the end of the year if the price was $ 130/t the mid point.

3. The agreement to lock in such a high proportion of NWR’s expected output for the year represented a departure from the company’s standard practice in recent years, the agency said, noting that coking coal prices had been negotiated with customers on a quarterly basis.

Could also be inferred they are locking the price in bccause they expect it to be cheaper to do that now rather than wait.