question please, page-3

We've not had that guidance - function of the royalty per tonne (see yesterday's presentation) which is dependent on the amount of coal shipped (20k Mt) and calorific value (GCV) of the coal (i.e. how much energy it produces when it is burnt).

Appears that CES has commenced with lower-value coal until it nails down a long-term contract. The next quarterly produced after December will give us this detail (unless someone wants to see if they can elicit something sooner from Faris)

Based on current indicative spot prices, we should be well into the USD3-per-tonne royalty category (see image). Hopefully with the continued push up in prices, a long term contract will see us lock into something that keeps us at this royalty level (and hopefully a long-term contract will see a premium on price a la a fixed-rate mortgage so the buyer will save in the longer term/avoid volatility risk)