Ann: Investor Call Details, page-61

Many reasons but one as an example. When they have no supply in thermal, production tends to slide on the Met. Ie thermal is base load, so almost a necessity. This in turn creates the shortfall for Met.

Further, consider energy values, the better value will always sit with better quality. So whilst thermal climbs, Met has no choice.

Delayed response to Met, May still be an undersupply. Only time will tell what this last ten years of lack of funding in the coal sector will do to prices. When an industry wears a risk, typically they will be paid a premium for their product. I cannot see this industry as any different.

None the less, at $400, there is a lot of downside prior to when we reach a point of difficulty and with the debt as good as gone, due to forward pricing. CRN is a safe bet.