Considering the COGS per Tonne last quarter was AU$161, TER and...

sure is. for the 6 months to Mar23, the RSA operation made a EBTIDA of AU$57 million. TER is entitled to only ~49% of that, so approx $28 million.

You just need to remember, UNV (RSA operation) is classified as an associate, so you wont see line for line accounting. Also TER does not have control over the underlying company so can't dictate what happens.

Considering the COGS per Tonne last quarter was AU$161, TER and it's shareholders would not be in a very nice place if Coal was to drop down that far. Sure Royalty's will come down significantly, but can't see much else coming down. Back of the envelope calculation, if the coal TER were to sell out of Blair Athol was to drop to US$80 (and assuming FX rate of 0.67 and no significant cost reduction elsewhere), they Australian operation would breaking even or small profit/loss.