Ann: Update - Dividend/Distribution - CRN, page-17

Thanks very much Miningnut for the spread sheet - it is great. And I agree with the comments

It is always difficult to place a value on any company. There is no doubt that fossil fuel companies are being heavily discounted by the market due to climate change concerns. And the market is valuing coal companies (both met and thermal coal) on the assumption that coal prices will return to more "normal levels" over the course of 2022 and beyond.

My own view is that coal prices will remain elevated (ie well above "normal levels") for the foreseeable future. This reflects the view that it is so difficult to build new coal mines as well as to expand production for existing mines anywhere in the world due to climate change concerns. That is, the supply response due to elevated coal prices will not happen or will happen at a much slower rate than has been the case historically.

For CRN shareholders like me, I think we will have a flow of unbelievably high dividends for some time, and any rise in the share price from current level will be a bonus. I won't be surprised if dividends exceed my average entry price of around 80 cents over the next couple of years.