Ann: Chair's Address to Annual General Meeting, page-16

Happy to share this information. A few other points of note I didn’t mention. FY23 ROM production and coal sales forecasts are expected to be higher than FY22. FY22 was 12.6Mt ROM with 8.96Mt in managed coal sales. FY23 prediction is 13.4Mt ROM and expected managed coal sales of 9.2Mt. So this is great news !! Also the remaining debt of $5 million attached with their South African unit is strategically held in case there is a need to access finance. (Not that they need to atm, but just in case). As we all know banks don’t take too kindly financing coal miners so management plan to hold this small amount of debt for strategic reasons.
Regarding the share buy back, it does seem they’re unsure what to do. Danny did mention they could of used a BB when TER traded below $0.70 recently. So I wouldn’t be surprised if management do announce a BB in the near future.
All things considered I believe we are in good hands with Danny leading the way. Management seem to be savvy opportunists. Personally I believe we will need to be patient for the time being…