RE: RE: RE: RE: AGM Brief Question - At the AGM was there anyone who asked or indicated was it possible or are they engaging with any large coal company in a possible joint venture in which part of the mine ownership could be sold for needed cash flow instead of another share dilution in case they don't get a sales contract........what is the back-up plan for them if sales don't happen in the short run - was this discussed?
No joint ventures discussed, only offtake agreement with steel mills (4 in total). No backup plan discussed, except that they are in a cost containment mode, 140 layoffs, review all aspects of mine operation.
How long do they have without a SHUT IN with current cash to ride this out before a sales contract is a must or another CL issue or share dilution in your opinion?
They have $30 mil. presently and need $45 in total to get thru the rest of the year. No additional financing discussed. It was pretty self evident that they need sales ASAP. They would need 3 Panamex vessels amount of coal sold (approx. 200k) to survive the year. They presently have 1 Panamex vessel amount of coal in inventory.