Ann: March 2022 Quarterly Report, page-9

Note the 20 per cent decline in 'equity coal stocks' at the end of the quarter.

Great to see production at Maules Creek has improved.

Most of us are not coal miners but the commentary about what has been at times the troublesome Narrbri operation seems pleasing. Mention of more 'high calorific value' sales is great.

That the average realised price for sales of produced thermal coal at A$315/tonne was 'a record', but is predicted to further rise in the June 2022 quarter, should not escape the notice of SH and prospective investors. WHC mentions the 'lag' which we all know is a major factor.

I love how WHC says customers are 'eager to lock in supply' and how there is the 'potential for structural change' (in a very positive way) occurring in the thermal coal market. Anti-coal MPs in Labor (there are plenty) and the Marxist Greens will hate that, and it won't be music to the ears of journalists at 'The Guardian', 'The Age'/''SMH', 'The Saturday Paper' or 'Daily Mail Australia', let alone Channel 9 news or 'their ABC'. But it's hopefully to become reality.

I'd have thought WHC would suffer a further rise in the cost of production but it merely comments that FY22 costs are likely to be towards the upper end of what it estimated (and still does) of between A$79-A$84 per tonne of coal.

Hard to know but COVID-19 related absences may not have been quite as bad as many of us suspected.

All in all, a terrific report. What will grumpy 'Mr Market' think?