The coking and thermal coal markets are in crisis. We are aware...

The coking and thermal coal markets are in crisis. We are aware that coking coal has been traded at $275/t fob Australia (compared to $98/t fob contract basis), spot coke at $550/t and spot thermal at $130/t fob Newcastle (compared to $55.5/t fob contract basis). Needless to say, the risks to our JFY08/09 forecasts for coal contract prices are strongly to the upside.