Ann: Investor presentation June 2018, page-19

One almost can't believe what is going on: We are on the eve of annual results (well just about) - where BRL will announced nearly $95m EBITDA and potentially a dividend (or commentary on this), the (likely) highly EPS accretive joint venture is progressing well, the exchange rate is dropping (basically throwing millions more cash monies into BRL's bank account), thermal and coking coal prices are showing little (if any) price weakness (strengthening in some cases), and a likely FY19 profit upgrade (yes, the 1st of what could be another 3 or 4)... aanndd the share price is back into the 14's again with hardly any interest except the rather odd spike 'every now and then'.

As good news seems to have done nothing for the share price... Maybe they should announce some 'bad' news? like they lost the court case and the share price will probably skyrocket!

One can literally draw a straight line across the last 6 months - despite almost every single metric improving... BRL's share price really is defying any sort of logic even more so than ever before.