Ann: June 2024 Quarterly Report, page-61

I think only $100M cash improvement in the quarter. But a large inventory build at the BW & D mines which is normal after a change of ownership because BHP will have run inventories right down. That inventory build is worth more than $200M. Presuming the bottleneck in transporting Daunia product to port is overcome, then inventory levels there will reduce in the coming quarter.

As the product mix shifts further in the direction of met coal in future quarters, we can expect greater cash generation.

Shareholders need to have patience, it will take a couple of years to paydown the debt from the acquisition. But once that is done, the benefit to shareholders will be large.