Afternoon Oblong. No narrative unfortunately. But that was my...

Afternoon Oblong. No narrative unfortunately. But that was my guess too, especially given their lower forecasts for 2013 and 2014 coal prices. Interesting 3 of their other 4 buys (out of a total of 5) were reduced on average over 20%.

They had some interesting general comments on closures of existing mines and pull-back of expansion plans which they expect to keep supply in check (a common theme with most of the larger brokers of late). I suspect we'll see a lot more of that over the next few months and then (hopefully) more focus on the low-cost producers.

Again, I think we're doing well compared to our peer group (most of whom are continuing to tank). In absolute terms the price fall has been terrible, but it's not permanent.