IndexInvestor, how great it is that TER are adding a 2nd string...

IndexInvestor, how great it is that TER are adding a 2nd string to their export bow. SA as you say, has great porential to export though it seems to outside my time horizon.

My comments focus upon this quarter's result to work out why they can say $210 per tonne price and yet apply it as a forecast. It seem to me that hedging is what they have successfully done for the qtr, but I guess the hedging is incomplete without actually shipping the coal. This is what you have said. I am quite relieved that the qtr should show good numbers (touch wood somewhere) given that they have locked in $200+ prices.

That said if some force majeure restricts the customer getting the coal then the sale is not recorded in the qtr numbers. But the prices are showing TER are aware of the need to minimise the debt quickly.