I think all coal players will seek to continue to pay down debt. They, based upon a quick check and on last years pricing mix, generate around $300 million cash flow from operations. They have net debt of around $350 million. They were debt-free until the acquisitions. I suspect the conservative board has said we need to pay off the debt.
I would agree with them. I think you won't find many banks not charging a premium on lending to coal miners. There will still be profits to be made here look at British American tobacco still pumping out profits decades after they were doomed.
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