WHC sells their thermal at a premium to NEWC (unless they have too much API5).
NHC on average sells at a discount to NEWC because they have some API5. The AU$181/t is about right if you take into account their mix of NEWC/API5 and AUD/USD and lagged pricing.
It will be a bit higher next quarter because NEWC is a bit higher now.
Ann: Quarterly Activities Report, page-11
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