First of all, the meeting was well attended approximately 75 in room (a bit crowded).Ken Bates is an affable guy,very pleasant, but probably over his head when managing this company, hoping the new boys hired from Xstrata will help.I was shocked to hear that Cline still has no sales contracts, and marketing manager Sean Casey painted a dismal picture stating there is virtually no Spot Market for Met Coal, and when they eventually do sign a sales contract it probably will not be any where's near the highs of $300/ metric ton of a couple years past,prices are at the bottom of the cycle. Some of the questions to the board from fellow shareholders quite hostile,probably justified. I left the meeting thinking the Glass is Half Full, but some major evaporation is coming in the months to come, and the timing of Ramping up production was not the best to say the least. Unless some "Off Take Aggreements" are signed in the next 6 to 8 months, and possible sale of the first Panamax shipment which is supposed to be in works next month, possibly as low as $130/metric ton.Still some of the problems Cline has encountered were beyond their control, hence the risks of a reopening a mine.
Cheers Nrschevy44 ps Cline has a very large Resource of Top Quality Met Coal,Hoping This ship turns around soon