Might be more caution than necessity? I don't have the latest $...

Might be more caution than necessity? I don't have the latest $ numbers, can only guesstimate. BCB is a business in its early stages of fast growth, and with this comes risk. No control over prices. ATM coking coal is good, energy coal has for now returned to more normal levels, but has suddenly risen sharply 10% in a few days, winter is on the way in the northern hemisphere and European energy stocks are tight and running down after rush stockpiling before the Ru sanctions deadlines. Ru previously biggest supplier will now supply EU with zero. At least, directly. The disappointment with Bluff is a blow, so was the rain event, as is the Qld Labour Govts over the top, almost lunatic fringe, internationally comparing it, new royalty taxes. They say bad luck always comes tin threes. Well, we have had our three hopefully.

Being suddenly unable to meet a big bill when the idiot woke bed wetter bank shiny-bums will not lend to 'fossil fuel' producers, would not be good. It looks to me that NJ is a good operator, with good defensive tactics as well as offence. I rarely have much praise for managements occasionally savage criticism, but I think he might well be playing his hand well. I'm an outsider and of course I qualify it with that.

Of oil, gas, coking coal and energy coal, it looks the best thing to be in just now is coking coal. Thats what BCB is mainly in. Any of the others could jump hard up at any time. There is a huge EW struggle going on, and China is in real trouble economically. But they will likely at least prioritise keeping warm as cheaply as possible. It gets bloody cold there up north in winter. Enter stage, energy coal. This, they import more, not so much coking.

But if debt had to be converted to equity at below these prices, we are all stuffed as holders. I'm looking at the flood of cash now coming in and crossing fingers.