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M+G are unwinding, don't want to hold coal stock. Volumes have been good on LSE/ASX. Who is buying? i personally think they'll be out in a few weeks and we go considerably higher.
M+G selling through Winterfloods and they've blocked 1.7m shares since last holding RNS last week.
Well, we should hear when the AGM is - last week of November normally you can vent your anger there about lack of progress!
I spoke with the company a few weeks ago and they were hoping to have financing finalised by the end of the year (heard that one before!), but keeping the faith!
Coal prices keep going higher and china importing as much as they can otherwise country will grind to a halt. Coal in Rand at 3000, 18-months ago this was 900. i maintain that MG selling has capped this for the time being, only selling given the green agenda. But someone is taking it off their hands. MMSEZ will happen. Randazzo needs to make things happen.
Question for me remains who’s buying? There’s been a decent amount sold by MG since their last RNS and a lot of the trades are pre-market so someone is scooping everything up. Coal prices up again today, front month trading at over $180.
Think we get RNS with annual results this week?
The concession, smaller coal power station and more solar. It’s going to happen.
As we saw in UK yesterday when they restarted West Burton coal power station and in Europe, where earlier this year solar/wind combined produced 3% of energy requirements, these alternative sources can’t generate enough power.
there was another 1.6m reported yesterday for the 24th. M+G selling is capping it. We were ~34p before Covid and once the seller is taken out then should more reflect fundamentals, coal has rallied from $65 to $140. Take your point on financing but that will get done as project proves from an IRR of 43%!
Well, coal prices are still going up, Richards Bay coal prices at $150. as are the stock prices of the likes of Wescoal. I think we're being capped by M+G selling, see the volume numbers on ASX recently. Think when they're done we fly. Who's buying it off them?
@jantand. you still around sir? Just checking in on you bud
(Dow Jones) -- MC Mining Ltd. on Friday reported significant increases in coal production and prices received for the fourth quarter of the fiscal year.
The South Africa-focused mining company said run-of-mine coal production more-than tripled in the three months to June compared with a year earlier, when a lockdown in the country affected its Uitkomst mine. Production rose to 127,927 metric tons from 41,536 tons.
MC Mining said sales soared to 90,858 tons from 19,429 tons, and revenue per ton increased 47% to $84.91.