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  "documentTitle": "Alpha Metallurgical Resources, Inc. (AMR)",
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  "presentationDate": "2022-05-17 00:00:00",
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      "text": "$174.66 x 1.9m tons = $331.8 million",
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      "text": "Based on a November 2021 disclosure by AMR that it had sold 1.9 million met tons to China, we estimate minimum China export sales for 2021 were $332 million.",
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      "text": "China export revenues: $331.8 million",
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      "text": "Based on a November 2021 disclosure by AMR that it had sold 1.9 million met tons to China, we estimate minimum China export sales for 2021 were $332 million. Subsequently, AMR has no further disclosures about sales into China and it wasn’t noted as country with export revenue exceeding 10% of total revenue in Q1 2022. For the year, we estimate its average export selling price for met coal was $174.66 per ton. Based on our research, we believe AMR likely accepted a discount to market prices to sell into China as there is a perception that U.S. coal is not particularly fitting for the China market. It is used mainly for blending, and long-term agreements are rarely signed as a result of the long delivery time (transportation burden).",
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      "kind": "quote",
      "text": "Year-to-date, including business that has been agreed upon but not yet shipped, Alpha has sold approximately 1.9 million tons of metallurgical coal into China for the 2021 calendar year.",
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      "text": "Year-to-date, including business that has been agreed upon but not yet shipped, Alpha has sold approximately 1.9 million tons of metallurgical coal into China for the 2021 calendar year. — Horn, EVP, Sales (Q3 2021 Conference Call)",
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      "text": "Source: Q3 2021 Conference Call",
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      "text": "Source: AMR filings and Spruce Point analysis",
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      "text": "Total and Export Met Coal Volumes and Prices (Inclusive of Freight and Handling)",
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