Im not sure but a couple of things that may not have been...

Im not sure but a couple of things that may not have been highlighted in that article nor the state of the spot market. In reference to the price of 95 a ton, have a look at how many contracts were sold for that. Most spot sales are in the forward 1 to 6 month period (100+) although this is dwarfed by the long term contract market (unlike most commodities re iron ore, copper, etc). Also NHC sells below Newc 6000 spec, getting penalized for lower cv and higher ash, so it normally sells between the api5 5500 and newc 6000 price (though usually on the newc 6000 side of the average). That 125 price is pretty optimistic, given YAL showed today that api5 5500 was 76ish for the quarter. One contibuting factor for the upgrade at Bengalla was increasing lower ash sales.

All that being said theyll still be making good coin out of Bengalla and probably some out of NAC too. Malabar is going to be negative cash flow imo until 2027.