I think the washed product is not going to trade at a fixed spread to a premium HCC product but more likely closer to something like 6000 cal coal fob Indonesia which is around 150 usd a ton at the moment , there should still be 100 usd of margin at current crazy prices and 50 usd of margin in a more normal market which for 2022 should get them 50m+ aud of EBITDA
Washed Coal sales: what will be the impact?, page-4
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