Ann: March 2024 Quarterly Activities Report, page-16

As stated above, I also think OD is the best fit. And, given its strip ratio of 10 I think that there is significant risk of overpaying. I remember reading something about a cost per tonne of A94/t before royalties and depreciation in either a presentation or eis in 2019 but that must be a bit higher by now. Also the stage 2 expansion with a the conveyor belt and 2nd chpp must have a higher Capex requirement. I would also love more information on the realised price relative to phcc, it looks like OD produces SHCC and a mid vol PCI mostly. Given the recent news out of India, with PCI purchasing running 12% above last year, I don't mind that mix.

I would certainly agree that the Anglo assets would be difficult to ingest, but smr did bid for blackwater/daunia and so clearly have the stomach for a higher cost of acquisition.

A strange place to be in. There is a possibility that in 5 to 10 years there will be 7mt from SWC, 9mt from ED, 15mt from OD and say 5mt residual from P and ID, with perhaps 4.5 from lancewood. Potentially the largest single met coal producer in the seaborne trade in the world. While fanciful, it's not outside of the realms of possibility.