Ann: September 2021 Coal Sales Update, page-10

Hmmm, over $120m profit between Sept and December, and new financiers kicking the can down the road. Beggars belief why they couldn't get a deal. Somebody playing hard to get, but there can only be one winner this time. Nice to see that they are forecasting accurately and with confidence. I note the comment on logistics problems in SA, although not to TER benefit, it shows maturity in advising the SH on problems being experienced. Also gives confidence that if they can be alleviated - in the short term - the upside to more SA export coal is in the +$6m per month region. If world forecasts of $240/t can be maintained into 2022 and SA rail get their arse in gear, this could run to $0.80 by year end.
In 2 days we will know if all this profit is going directly to the bond holders or a more benevolent benefactor, which will leave a nibble for the rest of us.