Ann: Interim Financial Statements and MD and A , page-4

re: Ann: Interim Financial Statements and MD ... From a recent Citi note...

Power shortages in China have come much earlier than
normal due to a combination of strong demand and a lack of investment in generating capacity. In the short term, the government has ordered power rationing in various provinces to alleviate blackouts. In the long term this should be positive for Asia Pacific thermal coal prices. With domestic prices now on a par with Newcastle, Chinese IPPs will be incentivised to source coal from the international market. With the seasonally strong summer period ahead, we expect Chinese thermal coal imports to rise strongly over the coming months.

and..

But with domestic prices pushing above the landed price of Newcastle coal, the likelihood of IPPs sourcing thermal coal from the international seaborne market is extremely high, in our view.

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I think it's the June 30 options converter who's been doing all the selling

2,310,330 March 23
3,355,561 April 20
765,400 today

only another 45,461,438 to go