Ann: Change in substantial holding, page-9

except that the right to exercise is with marco and so i think we need to assume marco will exercise (unless coal price crashes which is worse for us).

also i would have thought the marco loan and the offtake are going to be stapled somehow so we probably have to deliver into the marco offtake to get the loan (at the very least marco will have locked us up under the loan that wont give us much flex for an offtake)

i note also they have an offtake for new elk that both black warrior and new elk are delivering into.

so as i understand it to get the european thermal prices they need to:
1. produce above the marco minimum offtake
2. terminate the new elk offtake
3. resolve the asian buyer dispute (ref to this being for 160000t but i dont know what the dispute is)
3. complete the testing they are currently doing to ensure meets spec
4. get the coal 1000km from new elk to port - this one at least seems to be being resolved

so i think we.should be banking on 220 and no more.