That's how I see it and fits with the previous pricing of $18t to the $39t in January. The index does appear to be falling rapidly so hopefully soon fall back to those steady state levels.
There will also need to be some allowances for the "entering into more flexible arrangements to allow for quick ramp up and shut downs of the mine" with Shaws and QUBE. Plus time v volatility of IO prices.
I suspect we copped a fair bit of expenditure in the last quarter from cutting those contracts. All IMO.
Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-79
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