Ann: Equity Offer Presentation, page-20

I’m not as good with numbers as others here but I’d worked out their all in costs by taking the mining costs per tonne and adding in royalties, port, rail etc and had them at roughly break even but then capital expenditure added on top. That got me pretty close to what others have found for cash burn. Is that a reasonable way to work it out?
So if things don’t change in the next 6-12months they’ll be chasing cash again at an even lower price?
The things I can’t get my head around is why they’re getting less for their US coal now than they were in 2018-19 and why Wesfarmers could still make money out of Curragh (surely rape and pillage couldn’t account for all of it) at a lower HCC price?

Happy to have my mind changed if others would like to explain the big upside case but I don’t think 45 cents is low enough to justify the risk. I think it’s going lower unless Morrison and Xi Jinping become mates in the next couple months.