This is an excellent report:
-low strip rate maintained
-low production costs
-over-delivered to port
-forecasts lift
-prospect of coking coal/thermal coal ratio improvement
-marketing ok
-prepping port for loading season.
-enough cash in till to see us into July revenue.
If we get this rate of improvement replicated in the June & Sept quarters, then we should be close to 600K
ton sold & shipped for the season, IMO.
That said, timely April & May production figures would be appreciated by the market together with the coking/thermal mix, IMO.
PS: The Russian report of 45K ton coal trucked to the port in Feb looks right (40K ton TIG & 5K ton other ?)
Perhaps the Board should begin thinking big like Chinese, Korean & Japanese quotes for the new port, washplant , railway & new mine infrastructure. Lets say that it cost a cool $billion financed over 10 years.
That would be about $70 mil a year interest only with a balloon payment of $1 billion at the end.
5 mil ton P/A should, on average, yield $250 mil profit p/a so $70 mil p/a interest only should be no worries.
If we look at 5 mil t/p/a 12 mo/yr port with 40K ton carriers, that is 417K ton a month or roughly 10 ship loads (3 day turn around) about 600 t/p/h conveyer feed. This is far from being a giant operation.
The port could be built first, then the railway, then the CHRP & mine infrastructure. All we need is the finance or a deal @ a rate per ton from the wash plant to FOB over 10 years with an option to buy the infrastructure after that.
What do others think?
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