Ann: Dividend/Distribution - CRN, page-36

rough calc based on CRN 2022 16mt coal sold and if Blackwater produces 12 mt coal.

If CRN has a cap value of $3.2B .....the Blackwater could be valued min $1B up to $2.4B max.The minimum allows for QLD sales tax steal and also CRN has more capacity. Even the minimum would require "sophisticated" capital allocation at least.

given coal is on the wrong side of the world 's future , which is why BHP is moving away ( added the QLD gov) , I think CRN should focus/milk current resources , reduce the debt to zero .........and focus on returning funds to existing shareholders and look at opportunities to invest excess funds toward business on the right side of the worlds future. Coal prices are great now , however lowers prices are just a downturn away.

I have sold out ......thinking about buying back at lower price given franking credits are now in play , however not interested if CRN loads itself with more debt or issues more shares to buy a good mine in a questionable state.