I think the falls are also being driven by the coal price. It...

I think the falls are also being driven by the coal price. It has come off a bit the past few weeks and there is likely to be a concern from some market participants about how far it might fall.

There is also a correlation between the coal and gas prices and gas prices have fallen a lot recently given the supply / demand situation in Europe isn’t as bad as some were predicting in August.

While the consensus is that the supply / demand situation for coal is bullish for the price, it is difficult to predict exactly where the price might settle. For example, looking at the future prices out over the next 5 years, there seems to be good support around the $300 per tonne level. WHC still prints enormous amounts of cash at that level, but obviously less than it does at $400 per tonne.