This from Huntleys might give some idea why: CEY sells the vast...

This from Huntleys might give some idea why:

CEY sells the vast majority of its thermal coal into fixed priced long term domestic contracts. These have become unfavourable in the current high cost pressure environment. Contracts gradually roll off over the next decade exposing more coal to the volatile but higher priced export market. Sale of Anvil Hill and Tahmoor to Xstrata gave a much needed boost to the balance sheet but sacrificed coking coal diversification and export volumes. These were to be the cornerstones of the growth profile. Production is now almost exclusively from low margin underground mines making CEY unsuited to conservative investors.