I sold out a while back and am watching out of interest now. I don’t mean to offend any holders but I don’t see how anyone can justify holding this company anymore.
They've consistently missed production targets and cash costs per tonne targets. I think we’re in a far better than average coal market and they seem to be just breaking even. Maybe the underground will be a saviour but past experience says probably not.
Correct me if I’m wrong but I believe I read that the Stanwell rebate/loyalty (separate to the state gov rebate. Rebate for mining Stanwells lease) is based on a lagging 12 month coal price. I can’t help but think (haven’t crunched numbers on this) even a modest drop in coal price could see them burn through their cash reserves in 6-12 months. Then they’re coming back to the market, cap in hand, issuing more shares at steep discount.
Ann: Q4 2023 Quarterly Activities Report, page-8
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