Ann: Change of Director's Interest Notice, page-55

The 5.7c share price today was a shocker — an all-time low. For the contrarians, however, here are a few comments and glimmers of hope (based on well-placed sources, whom I cannot/will not disclose).

(1) January was a bad month, with production levels affected by heavy rainfall.

(2) Production is back on track in February (and likely in March), but timely shipping remains a challenge.

(3) For the current quarter as a whole a break-even result seems most probable (unlikely to inspire a share price revival!). That said, the cash balance remains relatively strong (was $70m at end December).

(4) The outlook for Q2 is much more favourable: at current coal prices BCB should (finally!) be delivering strongly positive cash flow.

Patience will be rewarded here, I believe — but I wouldn’t blame any who are tired of waiting!