The quantity and quality of coal mined by the Group may be lower than customers expect

Estimates concerning coal resources inevitably entail a certain amount of uncertainty and to some extent depend on the geological criteria used, coal prices, cost assumptions and statistical data, which may ultimately prove to be imprecise. As a result, estimates concerning coal resources are regularly checked on the basis of the development of current production or other new information; as a result, one should expect that they will change. If the Group’s actual resources prove to be lower than current estimates, this may adversely affect the Group’s operations, operating results and financial position.