they are actually saying net debt zero, this July (ie now).
to be honest, the entire report was pretty much negative in terms of production performance, which is mostly to be expected I guess.
they seem less bullish on price than Whitehaven, citing strength through calendar 2022, and MAYBE into 2023 (Whitehaven talked about strength through both years. I guess this reflects the higher quality coal from Whitehaven.
as an investment, still ridiculously cheap. Trading at 1 x annual cash generation. We can pretty much guarantee circa $4 billion in cashflow in 2h2022, given comments about pricing lagging the index by 3 months and the past quarter’s result.
scary to think how much cash these guys could generate if they get production humming.
Ann: Quarterly Activities Report, page-10
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