Maybe it's the Mongolian time that makes the difference but ... many months ago, Street Talk (and others) reported that XAM had appointed an (unnamed) bank to sell its thermal coal assets (for "up to $100 million"). Like many others I suspect, I've been waiting for an announcement that the sale had been completed, yet today we're told (not through the ASX I notice) that the sale is now envisaged in another three to six months' time.
I agree with the strategy but, having held XAM for over two years, I'm disappointed with the execution.
The share price didn't move an inch when the news broke last year (despite the fact that $100 million would more than double XAM's valuation) so it'll be interesting to see what, if any, response we'll get this time. Maybe it'll help that the news is now 'official' but it means that the proceeds won't be available to ramp up the drilling programme until second half 2012.
Marmot Khan needs to try harder.
sale of thermal coal assets
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