BHP Coal Assets, page-6

@Bigstockpunter , that number would be right . It looks a bit skinny given Coal prices but you need to remember the Qld royalty regime applying now. My estimation is prices probably averaged between USD $250 - $300 USD in 1H23 by looking at the SGX futures graph for this period. Lets call it USD 270. The average AUD/USD rate over that period was about 0.67 , so lets call it roughly $ 400 per ton in Aussie. That would yield about $ 90 per ton AUD in royalty costs payable now to the Qld government under their new scheme. If you convert that back to USD at the same rate (0.67) it would be about $ 60 / Ton . So your net price of $ 270 USD would come back to circa $ 210 USD per tonne. With costs around $ 100 USD per ton, the difference is the USD $110 per ton you mention in your posts.

It speaks to the volume of money the Qld government is now making out of this royalty. $ 90 per ton x BMA's annual production of 60 MT is $5.40 BN on one company's output alone per year. Amazing !!! One can understand why the Japs are pissed. Mitsubishi , the other 50 % owner of the BMA alliance , was an early investor in the Qld coal industry and did much to underwrite the development of the whole central coal region as a viable long term exporter and significant employer in Central Qld. Part of the reason why they invested early was the Qld's government promise of having a fair export royalty regime. A regime that takes 25 % of your marginal revenue on current pricing is not fair , even if prices are now well elevated. But I suspect the lack of fariness is by design also as the intent is to clearly deter further investment in Qld coal mines which it has clearly had that effect. More green lunacy.