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    It is not necessarily reflective of either KPMG’s views on coal price or exchange rate forecasts, or our preferred approach in determining forecast coal prices and forecast exchange rates. This analysis is provided to you on an information only basis and if you wish to rely on this analysis or any part thereof you do so entirely at your own risk.

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    22 per cent of India’s consumption of thermal coal in 2013, up from just 3 per cent in the early 2000s. This strength in Chinese and Indian demand underpinned a sharp rise in seaborne thermal coal prices. The supply of thermal coal from the two largest exporters, Australia and Indonesia, increased markedly in response to these higher

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