a 5 cent dividend would require $80m .....too soon , reduce debt...

a 5 cent dividend would require $80m .....too soon , reduce debt first objective.

I think the prudent action should be

1) reduce the debt with spare cash with Q3 results and resulting cash flow

2) signal now the strong 4Q result which is effectively locked in with forward sales.......with objective to be zero debt and expectation to pay dividend with surplus cash to be confirmed and announced in January. The 1 Q results are almost locked in ,so they should be providing further cash surplus for perhaps a share buy plan signalled which should be signalled also with these Q3 results.

signal expectations/plan for next six months.........the forward sales should be locking these in.

This will further underpin and strengthen the share price , even if the coal price weakens from November.