This "management" team has zero creditability, so I would be...

This "management" team has zero creditability, so I would be very hesitant capitalising pretty much their only profitable quarter ever into any time frame.

They need $50m-$100m (despite what management is currently saying) to turn Buller into a project that produces reasonable quality hard coking coal (remember the unwashed coal is definitely not HCC and even the washed product does not fit the typical QLD definition of premium HCC - the volatiles are too high - but don't let the facts get in the way of a good story!!!) Maybe they get the premium HCC price given the ash content will be very low, but again remember they were saying for a long time they would get a 10% premium!! Anyway!!

So, whether they make a small amount from the rubbish domestic thermal coal or not is not overly relevant (although I still think they will never really make any money from these assets, let alone ever making their cost of capital from all the money they wasted on these assets), given they still need to raise 100-200% of their current market cap to get the coking coal assets up and running. Plus they need the coking coal price to rally significantly first as well.

The resource boom is finished (it finished in 2007 and was only extended to 2011 by the rmb4tr simulus which is now widely seen as a major error by the Hu government!!) and the fixed asset investment (FAI) boom in China is also finished. China will likely keep rising, but it will be consumption driven, not FAI driven.

Find some real businesses that have sustainable competitive advantages, can invest at good rates of return, generate strong cashflow, have strong balance sheets, have incetivised creditable management teams etc and get rich slowly rather than hoping to get rich quickly from a complete lottery ticket like this. BTU/BRL should have taught many lessons in terms of the type of company not to "invest" in.