The market trades this stock as a black or white situation,...

The market trades this stock as a black or white situation, rather blacker than black, no White I would say. Of course they are going to negotiate and if Bayan does not make an example of WEC they are going to find a solution. Supply pricing based on HBA index is negotiable and I can´t imagine that Bayan is going to take their foot out of the upgrading door while an export ban of low rank coal is still on the agenda in this country. It is not statuted that the HBA price for 4200 kcal coal will stay that high until the end of the world. Funding some 2-4 modules on this site in Tabang is not blasted. The felix managers or private equity could fill the capex gap with some nice convertible loans. Even with HBA pricing upfront this investment offers proper margins in the long term.