a new low, page-2

whats needed is both an improvement in outlook for metcoal demand + clarity around company's capital requirements and the solution

im a little concerned when I read of investor buying into stock because its mkt cap is below NTA - while normally thats a good strat in industrials - in miners the capital required to get to the theoretical production rate is often so great that SP halves from this point.

i actually do think we are at the bottom of the met coal cycle. us dollar is firming and we tend to forget what steel coal demand looks like in a world where europe, china and US all have decent growth (2-3 years time??) - but there is also a stock specific cycle.

need to consider both.

thats why i thought the prudent course was maintaining a very light exposure until you can help both address and participate in the final capital raising prior to Baralaba hitting whatever its final expansion tonnes end up being.

assuming wiggins island still lives.

btw ive no doubt cok are cutting costs.

but after such an interesting first 18 months in his role, im sure they arekeen on keeping things quiet - given positive statements on outlook at 35c etc