Company disclosure, page-55

agreed the drop in export price reduces our immediate valuation and potential as well as bargaining power. It does however help that the IER is a long term conservative average. Not to mention the short term bumper profits improved our position in terms of reducing debt in a much better environment and pursuing north block etc. Im sure a few decisions would have been made differently had we stuck at 60 usd a tonne for the past yr and a half.