BCB +10.71%: the Queensland coal company provided an update on shipping which helped stop the slide in shares today following weakness stemming from board and balance sheet issues. Bowen said it had shipped 179kt of coal in July and was confident much of the supply chain issues that have plagued the company are behind them. The shipments will bring in important revenue that should help to ease the balance sheet concerns the company was facing, having drawn down most of a $US55m facility on 30 June despite having $47m in cash at the end of FY23. Maintaining these shipping rates at a minimum will go a long way to solving Bowens near term concerns. The company also upgraded the resource at Hillalong South by 45% today, though that news was playing second fiddle.
MM is cautiously bullish BCB
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