Yes I have owned and traded several times. I am NSW based so sort of in the circle, so keep an eye on AIS, AMI and RVR. I did ok out of Stanmore Coals rise up the industry ladder under DC control so naturally followed his move to AMI.
Along with most others the Dargues purchase looked terrible when announced and even worse now, this may weigh on sentiment for a while. Along with the mining issues the word is the plant was very cheaply constructed using lower quality components aka Chinese and has / will need a lot of money over time. My fear is that given the current management did the deal, maybe good money after bad will continue to be spent rather than cut loose. As with Speculator I wouldn’t contribute much value here other than nuisance value owning it at this stage.
The Cobar pits and plants are much better and have good forward prospects, unfortunately like all mining there is a bit of a long runway and costs before that happens ... Federation etc. Operationally there has been a few problems and extra costs starting with drought proofing the operation, winder failure, contractor replacement, new plant extension, Covid and staffing. It seems like most qtrs their plagued with yet another problem. Admittedly not all AMI or DC doing but still nonetheless dragging on the operational numbers and profitability.
From an investment prospective I think longterm the base metal operation has a great future and will be very profitable at current prices but will need time and a lot more capital money to achieve. It is a little long dated for my shorter term trading style to jump in now especially given current wider market conditions .... but everyone has there price so will be watching. It’s more about timing than the negativity for me. Good luck mate.
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