an absolutely stunning result, and as (unfortunately) expected,...

an absolutely stunning result, and as (unfortunately) expected, Mr Market completely ignored it. In fact, operationally it was somewhat a bad quarter, yet financially it was an amazing quarter - imagine when its an 'okay' quarter what it will be like financially?!

Never thought I'd be seeing BRL trading at a price to EBITDA of 1x but here we are - the company is generating as much earnings in 1 year as what its worth - surely this has to go down as a case study for academics/commerce students etc to debate about for years to come...? More stunning is how consolidated cash will, more or less, be about BRL's cap within the next few months (market cap is $156m - assuming the share price moves nowhere, which sadly is a pretty good assumption when it comes to BRL).

Within the next few months we should hear around capital management strategies (perhaps Talley's want them to buy/invest in other mines and BRL don't want to given the current political climate in NZ...?) + the change in control allegation brought about by L&M Coal Holdings Ltd - all things going well, these 2 things should hopefully end L&M Coal Holdings Ltd games (which are now in their 7th year) once and for all, as well as see a dividend at half year - time will tell.