You are wrong it all goes in exploration. Indeed, they run a very tight ship even though the use some of the best (hand selected) contractors in the coal industry for the exploration and scoping studies.
Indeed, against peers like almost all metrics they are better than average. Refer to slide 21:
For those with access Moelis recently completed a very comprehensive Australian Coal review that compared relative value of 30 ASX listed coal companies. Guess who came out on top?
EOC Price at posting:
27.5¢ Sentiment: LT Buy Disclosure: Held
