Ann: May 2021 Coal Sales Update, page-10

the SA export margin is still cloudy. If they are not making good margins or worse losing money from SA it will put a dampener on the results. If I was looking to finance them, I would be looking at SA as being the weakest link, from a sustainable profit point of view. If they could get 100kt from SA on the export market every month at $50 t margin for the next few quarters, well - just wow. Perhaps they are waiting for the June qtr results to show a sustained profit from all operations, just to add a little cream to the pudding.