TER Chart, page-93

Thanks.
The coal that TER sell out of Blair Athol isn't the same quality as the price you get when you google thermal coal price. TER do sell it at a discount. Have a look at some of the posts that Hilly_Sandman has made on the topic here on HC. https://hotcopper.com.au/threads/gc-newc-to-api-5-differential.6907155/

Additionally, TER have contracted to sell some shipments for US$300 / t. I can't remember how many and for what period those sales were due, they may well have completed all those already.

We also need to remember that the domestic sales in South Africa, which make up a large portion of RSA sales, are not sold at the market rate.

In saying all that, yes I agree, Sep22 quarter will be a better benchmark to use, but we have no idea what the EBITDA of Sep-22 is going to be until TER release that information late October.