Given the location of this Permit, current mining economics and with BRL's supply distribution to users in the area, I doubt that New Brighton had any other options in accepting this deal. So yes a very good outcome.
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This doesn't fill me with much enthusiasm:
http://www.sunsirs.com/uk/prodetail-417.html
Although I don't know if this is the best metric to make judgement from?
I guess it is one of the "free" sources of information about Asian coking coal prices - and in my view relevant for BRL product. This is if & when they start to export coking coal. Currently they just supply local customers and the price has been negotiated some time ago.
Looking at the numbers - remember that this chart is priced in RMB (or Chinese yuan). The RMB is quite hard coupled with the USD (which went up since December). If you translate the chart into NZD, than you find out that the price BRL would have received for their coal if they would have exported it would hardly have changed since December. No reason for joy, but none for despair either.
Steel production in India up 7% Jan and Feb. Now the third largest manufacturer behind China and Japan.
http://economictimes.indiatimes.com/...w/46651030.cms
With a 1.1387 million dollar income Hamish has resigned, this news will be good for the balance sheet.
I think this is good news. The resignation may have been a push, due to the high salary and Tacon driving the cost reductions, and would assume the board has him on a very modest official salary. Lots of ways to make that up in the future, and in the meantime one of the large cash outflows of the business will have been staunched.
A good move.
Full heartedly agree. Even if we believe that Hamish might have been worth the money he got - hardly anything to do for him these days.
Interesting market reaction - initial drop on NZX and ASW steady. However now it looks like the "cheap sellers" are retiring on both markets (i.e. gap widening). I take this as initial market approval.
Quarterly update is out: https://www.nzx.com/files/attachments/212062.pdf
No surprises (which is good) and yes, they are cash flow positive as promised (though cash flow neutral might be a better word).
Good to see as well that the new CEO commands now a more appropriate salary package (compared to Hamish B), though $400k pa for running such a small cap company is still not to be sneezed at. Anyway - much better that the nearly $1.2 Million shareholders had to fork out for Hamish.
I guess what remains is the hope for better coking coal prices. Trend so far does not look good, though the rise in Iron Ore Price over the last couple of weeks might have a flow on effect. The Chinese / Pakistani plans to improve Road and Rail Infrastructure between their countries might have a positive effect on steel consumption.
Further samples were taken from Escarpment during the quarter for testing by a potential
end user, although there are still no plans for the immediate ramp up of the operation while
export coal prices remain depressed.
I like that bit about an end user testing samples.