Great to see that they made good on their video promise at...

Great to see that they made good on their video promise at least!  I will watch it when I have some time. 

Re met coal prices...yeah...I am totally in the stronger for longer camp.  And the futures market keeps going that way.  $189 all the way from July 2019 to December 2019.  In other words, BRL's cash flow is secure for all of 2019.  So NZ$110 million in cash flow for the next 12 months. 

My guess is that the run of strong prices will far exceed even the wildest bullish forecasts.  There just ain't enough of it...and the coal business has become like cigarettes...no one wants to finance it...yet, everyone wants to (smoke) burn it for their steel.  I wonder where people think their steel comes from...solar panels?  That is also why I find the "hedging" program of BRL so jarring.  It is such a conventional wisdom thought process.  As befits a management which can't think for themselves.

Re quarter of assets in one holding...I would not do it.  Think about BRL...what if they have an accident on that horrendous train pull/push up that steep climb?  You can kiss the stock good bye.  Naturally I have no idea if that can happen..I am just pointing to one risk.  There are of course others...Jacinda Arden's cluelessness, cyclones/quakes hitting Stockton...one can never know.