Ann: STANMORE TO ACQUIRE REMAINING 20% INTEREST IN SMC FROM MITSU, page-6

may have paid a premium here given the market conditions but probably justified as you need a willing seller for any m&a activity and this asset is already in their control and provides a low risk growth opportunity. Agree with rustys33 the Qld royalty may have been extra motivation for the seller but there is a trend that Japanese trading houses are exiting Australian coal assets particularly thermal. this signals the same may happen for coking as well - at lease the lower quality end of the market. this transaction should also allow SMR the flexibility to do as they want wish without the constraints of JV partners. maybe the EU market will pay more for PCI coal than Asia post Russian action in Ukraine???