BCB +3.57%: the Queensland coal company rallied today in line with peers, though they also released their June quarter production numbers late in the day. Operationally they’ve shown an improvement with Run-of-mine (ROM) numbers up 27.3% on pcp, though they only managed a 15% increase in coal sales. This has constrained cash flow for the company which should be seeing a greater benefit from higher coal prices but instead has seen stockpiles grow 85% on pcp. The good news is that $31.4m in sales have been booked for this month with four ships of Bowen Coal hitting the seas in June. 199kt of coal was shipped in total for the month, a rate they are aiming to maintain for the current quarter which would put them well ahead of expectations. Bowen recently raised money to fund the continued ramp-up of their processing plant along with other growth projects.
MM is currently long & bullish BCB
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