The problem is OM Sarawak is only low cost if debt interest is not included. If OM sarawak is not making much money then their Mn operations need to back them up. Mn prices are starting to plummet and this will hit both Bootu Creek and JMS dividend. Bootu Creek has been put in care and maintenance not too long ago.
OMH need to conserve cash so dividend will most likely be gone. BYH will need much more than 6m to be developed and not even sure if the economics can be justified in current Mn prices.
This could be awhile before things turnaround.... especially if a recession is around the corner. If they can survive without needing to raise capital then they should be ok... in fact if they raised capital now to clear the debt i would be keen to invest.
OMH - Strong Sell, page-142
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47.0¢ |
Change
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Mkt cap ! $360.1M | |||
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