General Discussion, page-513

China's restate has been getting smashed for 2 years now and the met coal price is still over 200usd which is well above what our PFS was done at. Chinas slow down is being buffered by India demand, supplied side shocks and permitting (or lack of). Nippons take after their deal with WHC today says a lot. I know we won't be selling to them but it shows there will be undying demand supporting the spot price and a willingness to do deals even with the issues in China.

JFE Steel said in a statement: "Demand for coking coal is expected to grow as the production of crude steel using the blast furnace method increases in India and Southeast Asia. Meanwhile, both the development and expansion of coking coal mines are becoming increasingly difficult, leading to concerns that the supply of coking coal will become tighter in the future."

Nippon Steel said in a news release that there are "growing concerns that capital investment in coal assets will shrink due to the implementation of policies to raise coal royalty rates in Australia's states," and that the company has a "strong sense of urgency" due to the expected supply decline.