Target $18.72, page-10853

1. Gremlins! The incomplete last paragraph, in my quote directly above from P. Flynn, was

"Commodity Insights’ research is backed up by Wood Mackenzie, which also forecasts demand for seaborne
metallurgical coal into Asia to grow by ~ 29% to 2050, with India’s demand to grow ~ 110% (my emphases)".

Flyn also30.10 said

"The Board will be well placed at the end of FY25 to consider capital allocation opportunities, including
dividends and reinvestment in the business once the proceeds from the 30% sale of Blackwater are
received and when we can see the cash flows generated from the enlarged business over a full year of
ownership.
When you double your business and volumes, with higher margin tonnes and with no new equity, the
acquisition is expected to support strong Total Shareholder Returns (TSR), including providing an
opportunity for a significant step up in capital returns when surplus capital becomes available".





2. Russia is a major world coal producer- & has severe, long term production & profitability problems (which bode well, eventually, for WHC)

The Coal Trader M. Warder 21.10.24 said

"In the Belovo Urban District of Kemerovo Oblast, Russia, employees of the Inskaya coal mine (capacity 1.5mt annually- my words) have declared a hunger strike, protesting four months of unpaid wages. The workers have set up tents near the administrative building of the mine, owned by Razrez Inskoy JSC, in a desperate bid to highlight their plight...

This labor action comes at a particularly challenging time for Russia’s coal industry, which is experiencing its worst crisis in 30 years. According to independent energy expert Maxim Ivanov, coal companies are struggling due to several compounding factors, including an embargo from the European Union, high tariffs imposed by China, and the need to offer steep discounts to stay competitive...

The financial instability has taken a heavy toll on the Russian coal sector. Rosstat reports that more than half of coal companies have become unprofitable, with the total industry loss amounting to 7.1 billion rubles in the first half of the year. Losses of unprofitable companies have increased more than threefold, while the profits of profitable ones have dwindled by 72%.

The situation at the Inskaya mine epitomizes the broader (all emphases, mine) crisis facing Russia’s coal industry. As workers demand their wages and protest dangerous working conditions, the mine’s financial woes and operational challenges illustrate the systemic issues plaguing the sector. For the miners at Inskaya, the hunger strike represents a last-ditch effort to secure their livelihoods amidst an increasingly bleak outlook for the industry".

Russian Coal Miners Declare Hunger Strike Over Unpaid Wages – The Coal Trader