btu inches forward, page-8

It's a bit hard to work out what's going on here. Certainly the text supplied in the quarterly doesn't help.

The CEO spent $97,000 buying another 400,000 shares earlier this month, AFTER the quarter had ended, so presumably nothing major has gone wrong.

For the first two quarters total cash flow averaged -$9m per quarter. In this quarter it jumped to -$18m. Netting out an acquisition of an adjacent thermal coal asset for $7m reduces the cash outflow to $11m, so only a little worse than previous quarters. Maybe not so bad.

BTU has banking lines of credit it can use, so hopefully these will be exercised rather than a capital raising.

Once BTU ships coking coal the cash flow should become positive, and the low capex for this project is what makes it so attractive because the return on equity will be high.

(just my thoughts after reading through recent presos and announcements)