Agree with most of your points. New Hope have plenty of Surat exposure already and the critical mass needed for development should push it north towards Gladstone. Going south to Brisbane tricky with legacy track issues and restrictive operating hours to the port.
Cash conversion is a key issue still for Isaac Plains and those margins need to come through to fund the new East development.
In the March quarterly they noted they would provide an update in May for logistics impact on sales and EBITDA guidance. The JORC announcements last week were standard annual reporting requirements - have I missed the update on FY18 impact?
SMR Price at posting:
72.5¢ Sentiment: Buy Disclosure: Held
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