I have spent some time understanding what 51 per tonne does not...

I have spent some time understanding what 51 per tonne does not include

from the detail I read

excludes stanwall rebates charges which are effectively a hefty royalty on coking sales
excludes rail and port
excludes govt royalties.

the trick that I picked up is that it includes the thermal tonnes to increase the tonnes to calc the $/t. So they are dividing by 13 and not 10.

curragh is around 90 when you add all that in.

higher than that if you divide by 10 and not 13.

If curragh sells both pci and hcc to the same customers then curraghs hcc may have pressure to follow pci lead in a down market.

the other reality is the pack indicated a big capex bow wave over the next few years to keep the curragh deposit going. New box cuts etc. Seems to be masked in a modest uplift from 13.5 to 15mt.

summary appears to be increasing capex and reducing margins due to downward price pressure.

just been doing research on the chance of buying in.

happy to wait a bit

glta