The impact is for the sale price of coal. While there's an...

The impact is for the sale price of coal. While there's an obvious relationship between coal price and share price, the direct correlation on a monthly basis hasn't been clear historically because of factors like company debt and thin margins.

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Now that coalers have zero debt and cash surplus, we're likely to see more volatility in share prices directly. When and how much... only the market knows that answer. While we can trade in and out, my tactic is to be in coal as much as possible for as long as possible from this point forward. I don't see much downside and all I see is upside... I just can't see when the upside is going to take place. This is why I'm set now with my holdings and they're not leveraged.

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Im thinking that post NSW state budget in September, a safety barrier will be crossed and I'll consider leveraging into coal. Currently I'm mostly in NHC because they're not impacted by tax/royalty changes like other operators. I also have good coin in both YAL & WHC, both of which I'll leverage to trade after the budget and again after Blackwater sales... depending on those outcomes.