please refer to the important disclosures on inside back cover of this document or our website www macquarie com au research coal industry outlook global 13 october 2005 all aboard train 3 prospects for remain positive 4 china demand continues soar 5 infrastructure has curtailed supply 10 preferred picks equities coverage 17 appendix 1 69 2 major producers 93 types and uses 97 rail port bottlenecks a key constraint 102 investment fundamentals 114 resources team sydney 612 8232 3575 perth 618 9224 0833 hong kong 852 2823 3590 jakarta 62 21 515 7338 commodity analysis london 44 20 7065 2014 strong both metallurgical thermal suggest prices will elevated well above those levels that persisted through latter part last decade furthermore inflationary pressures across chain have forced cost curve higher particularly marginal tonne we raised long run reflect impost belief is further
