Ann: Update on COVID-19 - earnings guidance withdrawn, page-21

To put things in perspective, nearly 20% of all met. coal producers are selling coal at a loss based on the current price of USD121 and if you look at the chart below, nearly 50% of all the producers will be loosing money at USD100 coal price. This basically creates a price floor and I don't see prices falling below $100 on yearly basis. Also, note that the cash cost doesn't include capital investment to increase production or to replace depleting resource, which creates an upward pressure on the price.

So what does it mean for BRL?? Well, based on their figures, their cash cost for export is NZD107/t (USD70) which means they can stay cash positive in any environment. So I don't think one need to panic over what's happening right now, the world will get over it at some point and move on and so will the coal price.