BCB -9.46%: the junior coal miner provided a 2Q production update today alongside announcing the current CFO will take over the CEO role following Mark Ruston’s resignation less than 12 months in the role. Production wise Bowen managed a solid quarter despite facing significant rainfall events. Coal production was up 22.6% on the prior quarter, and realised prices jumped 47%, though coal sales slipped on rainfall and rail capacity. Given the slightly softer finish to the quarter, the company downgraded guidance for the year towards the lower end of their prior guidance range. Strong coal prices have vastly improved the company’s balance sheet, things look a little easier for the company from here after a period of pain.
MM remains patiently long BCB in the Emerging Companies Portfolio
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