Agreed – for now one can reasonably use NWH's contracts in hand...

Agreed – for now one can reasonably use NWH's contracts in hand to estimate NWH's Middlemount revenue for the next few years. The Action Drill & Blast contract expires, I think, on 30/06/2019 – it was announced on 28/06/2016 as a three-year contract worth $25m. The dry hire contract contract worth $330 million over three years was extended to June 2020. From memory, you have accommodated these facts in your spreadsheet.

I concur with opinion I have read, probably an HC post, that the viability of NWH's contracts at Newmount is more a matter of Yancoal's intentions and financial ability than Peabody's, although the JV is split 50.003% to 49.997% in Peabody's favour.

Equipment used at Middlemount should be substantially depreciated, so the contract should be fairly profitable, and on their expiry, there should be minimal risk of equipment being impaired and leasing commitments remaining .