you cannot use spot prices. WHC never sells coal at prices equivalent to spot prices. They sell it according to the quality of coal
So if you forecasting so far out you need to apply the discount to what you believe sport thermal and met coal prices less the discount. That makes the big difference.
Nobody answered the disparity of selling and distribution expenses for 2023 and 2024
Does anyone know why?
Coking and Thermal coal prices...where are we going?, page-177
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