Does anyone kown the contract selling price for MCC PCI coal in...

Does anyone kown the contract selling price for MCC PCI coal in 2008?

MCC told us in September Quarterly report that 1.08 MT coal was sold, but no figure for the revenue.

Also in the report, the hedge book has US$ 477M open by 30/09/2008 at a rate of 0.90.

The hedge book had US$ 586M open by 30/06/2008 according to the annual report, so the September Quarterly revenue would be US$109M, if there is no domestic coal sell for MCC. So the selling price would be around US$100/T, AU$111/T due to hedge. It looks quite cheap, doesn't it?

Hard to calculate a $150M profit for the first half year as MCC forecasted, unless MCC sells much more PCI coal at a much higher price in December quarter. $150 M profit the the whole year looks OK.

Do you think a US$477M revenue is still achievable from 10/08 to 06/09? compared with only US$109M in September Quarter. Otherwise MCC will have to pay huge hedge loss by June 2009.

What is your opinion?

Thanks a lot.