Thats the billion dollar coal business gone for $5m. Now to sell the billion dollar oil business for another $5m and the decks will be cleared.
Pity that the $5m from the coal sale will probably just pay for the coal personnel management and part of the port offtake costs.
The best news is that, maybe, at least 10% of the companies bureaucracy might be gone. But I think Mapp and his staff have been shifted over to the oil and gas division. So maybe not?
Good news also is that there is now another royalty that could be sold to help when money gets tight. Going by the selling of the Carmichael royalty (value $3b) the sale of this royalty (value $500) they should get one sixth of $150m which works out at about $25m. That should help pay for 6 months interest payments on the debt or the drilling of a couple more holes at the Ark or part of another hole at Umiat.
This could help PB to focus more now. I just hope its not all on Powerhouse Energy.
LNC Price at posting:
99.5¢ Sentiment: None Disclosure: Not Held
