My notes from analyst call:Morgan Stanley - will we see washing...

My notes from analyst call:

Morgan Stanley - will we see washing levels drop as coal quality improves at Narrabri. A: we will continue to wash as it locks in better prices towards higher kJ end of market. We are moving low quality into mid market as required.Long wall moved to a quarter later - why?Slower production in area, implied in the guidance and numbers have confirmed that. We are cutting in a much more orderly fashion now. Equipment is performing better, looking forward to getting to the end of the panel.Out of the fault and expect to get out of this block in normal conditions.Goldman Sachs:Inventory and cashflow, ended quarter with similar inventory as last year. How quickly do you think you can drawdown inventory by a couple of million tonnes.A: healthy stocks want to get as much as possible. With September port fix, we will be winding down production in Narrabri and swing trains into maules creek. Stock levels are a function of a lot of coal in last quarter. We want to convert to cash as quickly as we can.Pricing: Taiwan and Korea - what price can you lock in?A: behaviour is consistent, everyone is looking for more coal. Healthy tendering, they thought this would moderate 6-9 months ago. Japan requesting bring forward, consistent with general activity.Korean market and gcnewc very strong. Korea there will be year in duration contracts.Q: August results: balance sheet metrics, more conservative metrics?A: outlook is good on cash generation, last 18 months balance sheet has been static, anticipated delevering. I won’t front run the discussion but I agree with you, conservative is good. We will delever.Citigroup:Q: should we be getting back to historic yield loss of 25% down from 30%?A: yes, it’s a localised issue in maules pit.Shaw & Partners:Stocking - surplus capacity in rail system - yes.Vickory - can this be approved whilst issues at play? Very positive govt signalled it’s untidy outcome from their perspective. Strange outcome, the notion that every previous ecb decision in light to this duty. Strange suggestion that doesn’t have any merit. Can approve in the meantime. The appeal is between the govt and the applicant to deal with. The minister says they can deal with it in the meantime.Maintenance - fully restore equipment before next long wall.