Yep - the result was a pleasant surprise although it's not too difficult to estimate outcomes courtesy of NHC quarterly reports. The doubt is always about the achieved sales price per tonne. Their ability to pare back costs was the biggest variation to my imagined result. The biggest concern is around coal prices going forward with supply being increased via China and Indonesia together with the possibility that the USA under Trump falls in love with coal again and increases production. The current Newcastle coal price is well below the average price of coal across the period just reported. For this to continue to be a successful investment, NHC's planned production / sales increases of about 20% need to outweigh potential unit price reductions in the coal price. It continues to be a reasonable bet.
NHC Price at posting:
$4.03 Sentiment: Hold Disclosure: Held
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