The royalties aren't the issue, especially for the thermal...

The royalties aren't the issue, especially for the thermal producers, because their cash costs are low enough that if the thermal price gets to $100/t (where the increased royalties kick in) then they are already making a packet with high margins.

It's more of an issue for the met coal producers because most of them (if not all) will already have cash costs in excess of $100/t.

The issue for Wandoan is the long-term thermal coal price vs the capex required. It's not looking rosy. I actually expect all the Galilee mines will be put on ice too, which will help both capex and supply, but I still expect Wandoan to be put on ice at least a couple more years until the macroeconomic situation is clearer.

Carbon tax is an issue for these high-volume, low-margin mines too.