The coal ad valorem royalty rates in NSW are 6.2% for deep underground mines (coal extracted below 400 metres), 7.2% for underground mines and 8.2% for open cut mines. Mines can deduct washing expenses, levies and other expenses. https://www.revenue.nsw.gov.au/taxes-duties-levies-royalties/royalties/coal
I expect WHC would pay a royalty of about 6% average after deductions.
5,500 prices also recovering. In any case, your logic is reasonable. Be conservative, but even with conservative numbers the margins on WHC, NHC are very healthy and both are very undervalued.
The coal ad valorem royalty rates in NSW are 6.2% for deep...
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