Ann: Court of Appeal judgment released, page-3

Ah well, not ideal... just pay the money already. Get this over and done with and learn from it (aka don't write contracts without very strict definitions! otherwise its down to luck which way it can go).

I would be surprised if Bathurst appealed to the Supreme Court, they have access to all the money required (most of it already in cash) but then again would make somewhat financial sense to go the Supreme Court (if they still believe their is an argument) in order to give BRL more time. the falling USD is both a blessing and a curse - curse as L&M receive USD, blessing because it is how most of their revenue is determined. The Market can't handle any more uncertainty over this payment (any reasonable person realizes with COVID 19 there is already enough uncertainty in the market as it is!) - just come out and tell us how it will be paid.

Will be interesting to see BRL's next steps, BRL back to production next week, and was good to hear they continued to ship during the 'lockdown'. With low operating cash costs (at Stockton and their Canadian joint venture), hedging in place, and the USD having dropped, any reasonable person would realize it would take a further significant fall in met coal prices to for these operations (future operations) to be uneconomical.