Ann: Presentation to Investors , page-5

Yes, unfortunately the outlook for met coal is still bleak. Even COK's mines will barely turn a gross profit, and the company will continue to make a net loss even without the capex spend on Baralaba expansion.

It will change, as met coal mines continue to close, especially in Australia, but not any time soon. Hopefully by the time Baralaba Expansion is ready for production, the prices will have recovered.