yes and the Thermal "by product" needs to be sold - removed from mine site, so realising any revenue (although the PnL = loss per T) is still good to the company - yes hind sight says sell on the spot market but its not a few unknowns back in 2018. I recall that this contract runs out this year (hazy memory) so soon we might make a profit on 3mt that we currently dont.
Also as pointed out several times, part of the US production has been hedged at $187 which covers 90% of the US costs. I would love the company to start a rolling quarterly hedge lock in, ie each quarter they lock in 10% of the production at current prices (for 12 months) but while ever the Met price is pumping this would be the wrong strategy. The reason I would like it is that it would give research houses a better methodology to value it rather then looking at the lowest price in the last 10 years and assuming that
Ann: Update - Dividend/Distribution - CRN, page-24
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