What now are the main drivers of price in the coal market?
Gatiss: There is going to be the price effect caused by sentiment, or derivatives, or oil or whatever; but in the end, the fundamentals are the supply and the demand. There are significant expansion projects in Colombia and Australia, which are highly likely to be developed, although probably not quite at the speed that would have been suggested, let’s say, a year ago. There are projects in Indonesia and South Africa as well. So there is coal available. There are multinational companies which have got the resources to do it. Supply is available. The critical thing, then, is the extent to which demand increases. It appears at the moment that there will continue to be a very significant increase in coal-fired power generation in Asia, and that although Asian countries are also very aware of the environmental aspects, many of them are still at a stage where the need to develop the economy, the need to develop quickly additional sources of electricity is at least as important, and therefor
