Good report and in line with expectations I think. For the first...

Good report and in line with expectations I think.

For the first half 23, I estimate operating cash flow of $1.6b (compared with $2.75b first half 2022 and $3.05b second half 2022). If met and thermal coal market prices remain unchanged at current levels for the remainder of 2023, then operating cash flow in the second half 2023 might be around $0.8b.This may be the low estimate because thermal coal prices might improve as the European winter approaches.

Very hard to predict the Sept 2023 dividend given the Sept 2023 is an interim dividend (ie, interim dividends tend to be less than final dividends), cash flow is dropping rapidly and uncertainty whether Yancoal will acquire the BHP assets.