$22 million for the latest quarter and 3.2 million tonnes. If we assume 91.25 days per quarter (365 p.a.) then at this rate, they are generating approx. $241,000 per actual day. At 18th April, we can assume they have accumulated a further $4.3 million cash at bank. That makes them effectively debt free NOW. They need CD to keep generating income, noting they only plan to spend $8 million this half. All things being equal, they should have the following cash by June 30 (average case scenario).
June 30 - $22,000,000 new cash for the new quarter & should be achievable because of hedges
New Cash at bank: $80,000,000 - as stated per plan (minimum balance)
New Debt $104,000,000 - as stated per plan (with $8 million pay down)
Reserve at bank for CD: $42,000,000 (close to fully funded) less $8 million CAPEX spent (as stated) leaves $32 mil.
Total cash: $112,000,000
Total Debt: $104,000,000
Zero net interest payable so it's not all doom and gloom on the balance sheet. Now the IO price just needs to find a base, kick up some and steady.
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