Thoughts on Bowen Coal (BCB) following NSW’s announcement?
Hi MM, The heavy selling in BCB continues again this morning (as at the time of writing). I appreciate that you have updated on both BCB and the coal sector recently. However, in light of the continued selling, is MM still comfortable holding BCB and waiting to see how this quarter plays out, including with regard to your comment: ".199kt of coal was shipped in total for the month, a rate they are aiming to maintain for Q1 FY24 which would put them well ahead of expectations"? I also note your comments that: "the NSW government is looking to revamp coal royalties ahead of the state budget in September", etc. With BCB's coal mines/projects based in Queensland - and none in NSW, from memory (or is there some NSW exposure I am forgetting about?) - do you anticipate any flow-on effects? From your comments and recent price action, BCB seems to be caught up in selling across the sector regardless. Thanks,
