Two more qtrs and they are out of cash You forgot to add from operations. Management continue to value the 3 mines at an aggregate US$1.589bn being an increase of US$100m over the Dec 31 balance.. for expenditures on Plant, machinery, mining equipment and transportation vehicles plus Construction in progress. So, with increasing expenditures on mining capacity their capacity to introduce buyers for those assets improves. Beyond that they can introduce a farm-in partner from the coal industry or , more likely a customer. I wouldn't rule out bringing in some form of private equity participant. If the management are to be taken at their word ( and I don't necessarily do so) '... , we may not have sufficient liquidity to sustain our operations and to continue as a going concern' then hopefully they are actively engaged right now in downsizing to a size that is proximate to its prospects .
CRN Price at posting:
17.0¢ Sentiment: Buy Disclosure: Held
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