Read this over 10 times since it came out. Still trying to...

Read this over 10 times since it came out. Still trying to digest and decide whether the quarter has been good.

As expected, SA operations is dragging TER down. I don't think it this could be resolved until the fixed price contracts with Eskom is completely. Until this is resolve, we won't be seeing EBITDA performing well. For now, at least SA ops has + EBITDA.

With Euroclear being paid down, I expect TER management to start focusing on growing the company organically and inorganically, either through acquisition, expanding SA thermal projects/ progressing coking coal projects in SA.

Management seemed to be busy with the debt issues and haven't been looking to grow the company.

I do hope with the announcement of Euroclear bond being paid off, we also get an update on the company's upcoming plans.

As opposed to what most TER shareholders want - TER paying divvies. I actually hope TER to retain the cash for several reasons.

1.TER is a thermal coal company, meaning many financial institutions will not be able to invest in it, or provide any debt funding.
2. If coal boom did not come, TER would've been insolvent for now. So cash, with new debt, will be able to grow the company faster. When times are good, debt can magnify its return, and vice versa.
3. Having a good amount of cash pool can prepare TER to acquire any good projects when it's up for sale. Many big mining companies are looking to offload their coal projects.

I simply can find more benefits for TER to retain the cash rather than paying them off as divvies. Of course, those are just IMO.