Ann: Progress on Regulatory Approvals, page-105

The underlying forward economics of Met is very encouraging.

On the supply side
Most governments around the world are throttling supply to save the planet, yet don't differentiate between Met and Thermal. So we have shrinking supply in the name of a net zero future.

On the demand side
1) To meet net zero we need more Met coal to build out the infrastructure, cars etc

2) India China, Brazil, Indonesia Nigeria and others will all continue to develop, which means more steel and more demand for Coking Coal. The world has 8 billion residents as of Nov 22, and a further 500 million will be added by 2030. More people means more steel and Met coal. https://www.un.org/en/global-issues/population#:~:text=The%20world%20population%20is%20projected,and%2010.4%20billion%20by%202100.


The two EMR Capital graphs on the right show where demand and supply are headed. Classic economics says that when demand is increasing and supply is decreasing, then prices rise, and usually a small imbalance in a commodity can lead to a massive rise. While these will not play out tomorrow, they will start to bite over the coming years. Mongolia has a front row seat to capitalise on the West's wokeness, however on the downside they really only have one buyer who often doesn't play fair. GLTAH