UFC, you can dress the royalty payments up however you want but...

UFC, you can dress the royalty payments up however you want but its not just an accounting entry. There is nearly $4m to be paid in the next six months. Sure its goes up with increased production but unfortunately most of that production is low margin domestic coal and it looks like CCC pay royalties on 74% despite only owning effectively 44%.

Of course they will have to make impairments as coal prices drop. The point is they were until recently saying they had buyers for non core assets. The impairments highlight how unlikely that is.

As for falling back on talking about revenues. Its was bad enough reporting at the gross profit line!