Be careful focusing on P/E too much mate (I definitely got caught out in my earlier days).
If coal prices go low enough in a downturn companies are burning cash (no E) and are on the hook for port and rail contract etc.
Not saying it’s going to happen but things can get ugly quickly when it does. Particularly if you’re not one of the lowest cost producers.
Ann: Q1 2023 Quarterly Activities Report, page-11
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