Pretty good set of numbers in my humble opinion.
Net debt of USD168m despite borrowing USD600m and spending USD270m on the Mitsui 20%. They probably haven't paid any tax to the Australian Government (as yet) so they might have to write a (very very) big cheque to Albo and co which for last year's profit. So it may take a little longer to get to net cash than expected.
Coal prices look to be trending to "stronger for longer". Current price of USD315 per ton is higher than most (if not all) analysts would have expected 6 (or even 3) months ago.
Production met target despite the wetter than normal weather.
Capex being a bit higher is a "whatever" type of issue. Cf extra revenue for "stronger for longer" and no production losses due to weather.
Best
BSP
NFA, DYOR, GLTAH
Ann: December 2022 Quarterly Report, page-6
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