Ann: Update - Dividend/Distribution - CRN, page-8

Huh, all the calculators are complaining … meaning they say, too much money that I cannot fit on the screen! Lol

Use $300, as coal quality (74-76%) and then discount the volume, also small portion of thermal (albeit well priced still) … because US have fixed price, also slightly adjusting for exchange rates, also so many other items such as royalties at Curragh… to consider. That’s why I discount to 15Mt. Works out similar.

Therefore for back of the envelope, I use around 15Mt, and consider the price at 75% of the spot price.

The variables change quickly, so I generally don’t bother too much with the specifics as they are wrong the day after you complete, and they also require to many guesses on the forward projections. So this above does the trick.

For CRN, it’s pretty easy though, no matter how you work the numbers… as you said, the calculator says get off!!