This was the quarter I was really waiting for but not sure it...

This was the quarter I was really waiting for but not sure it answered too many questions. A few observations:

• BME reached steady-state 1.1Mtpa ROM, looking to increase it to 1.5Mtpa, good news
• Burton progress looks good to me, nice that BCB can wash their own coal from BME now. Completed within budget, nice work.
• Bluff information seems light on. No word on where they are with steady state. This mine is the problem child, in my view. How long will weather be able to be the scapegoat?
• They’ve got to the end of April without having to raise capital, instead increased/deferred debt and gave up a bit of royalties.

That said, I think my comments on cash position have been fair. $37.3M cash in the bank as at 31.3 (wasn't that long ago they raised $85M). They have a lot of debt falling due in coming quarters. The production costs are high.Overall production cashflow numbers came in positive to the tune of $2.3M but this is because 1) they didn’t have to pay the A$16.6M that would have been due to Taurus and 2) because of the A$10M GST refund. However 3) they also should have booked $15M in March coal sales but for an Aussie bank being difficult. So if you factor in all three things (add 1, remove 2, add 3) to get ‘pro-forma’ results I get the following:



I don't think removing the GST refund is unfair because they're also incurring taxes and royalty payments now so if you want a 'real' view of how things are tracking, in my opinion the pro-forma above is closer to it. The debt repayments have only been deferred.

All in all I'm unsure what to make of this company. @FFailings what's your read of this report?