You might be right, I am just skeptical when it's said this cycle is different because of xyz.
It's been very difficult to open coal mines for more than a decade and at the start of 2020, coal still hit 60's. At that time, everyone was saying thermal was dead and demand would fall off a cliff. Then, 2 years later, people said supply was impossible to bring online and demand from china is strong.
Who knows the truth but this is the psychology of cycles.
Ann: Half Year Results Presentation, page-127
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