Good point. Although Bengalla has about 15 years of mine life....

Good point. Although Bengalla has about 15 years of mine life. Then there's underground potential etc. I certainly don't expect Bengalla will just stop at the end of the open cut mine life. Mines continuously rehabilitate, so yes there will be rehab and closure costs but much of these are covered in the operating costs of the business on a year by year basis.

Also worth noting the land at Bengalla will have agricultural/other value. Also that NHC is not just Bengalla. The valuations above ignore all of their other business and New Acland. I do agree, coal mining companies need to pay out dividends to be attractive these days. I think that's exactly why SOL the largest holder is holding NHC.