This mob have been to hell and back in the past year,inheriting the MLK investments and debt, the financial crisis,iron prices almost halving, and also the hedge book. And yet in the meantime have managed to almost double production, significantly reduce operating costs, and increased reserves.
Also Noble is an extremely successful company and they have not got to that position by being stupid or sentimental. If they are willing to back these guys, then they must believe TTY has a future.
No doubt we can expect a pretty ugly financial result for the year with all the write offs etc, however I reckon the quarterly result should be much more positive and hopefully the beginning of a whole new chapter.
Good on them, I hope they make it.
TTY Price at posting:
22.5¢ Sentiment: None Disclosure: Not Held
