Ann: Dividend Declaration, page-542

When you have record commodity pricing it's bound to drop sooner or later - coal is no different to any other in that respect - predicting price movements is difficult. However, going forward, predictions for TER dividends for the next 2 years is high relative to current sp. Good thing is that if company is in the main debt free then profit is easier to make albeit possibly at lower levels.

Should coal drop substantially then those dividend predictions may be somewhat unrealistic - just by how much is yet to be seen. Coal prices were quick to rise will they suffer just as swift declines?? No one knows for certain at what levels it will be in 6 months let alone in 2 or so years.

An 8 year mine life gives a lot of time in these troubled times to find something else - panic stations perhaps unwarranted. However, given that coal is deemed to be such a dirty commodity in the current drive to the renewable electric revolution - perhaps management may seek to divert into the lithium or graphite space - perhaps would warrant a quick run to a sp of $2??

In any event the upcoming dividend level yet to be announced will assist in this inflationary environment, though it undoubtedly will stay in one hand briefly as it leaves just as quickly out the other. Then the imminent sp drop and hopefully it's climb again during the next 13 weeks as holders wait till the next repeat cycle.