PRC Pike River Coal

[upside_umop]

if it is....watch NZO share also fly.

[ritchie]

so is that good news re nzx 50

[winner69]

Takeover already?!

See HBY trading halt at same time ..... and same words almost ..... HBY takeover PRC .... no that would be interesting

[Financially dependant]

GENERAL: PRC: Pike River Joins the NZX 50 Index
3:16 pm NZX GENERAL: NZX: Pike River Coal set to join the NZX 50 Index
3:16 pm PRC GENERAL: PRC: Pike River Coal set to join the NZX 50 Index
3:16 pm HBY GENERAL: HBY: Pike River Coal set to join the NZX 50 Index

[AMR]

PRC takes out HBY!!! (Takes them out of the top 50 that is!)

REL: 1516 HRS Pike River Coal Limited

GENERAL: PRC: Pike River Coal set to join the NZX 50 Index

6 June 2008 - NZX has today announced the promotion of Pike River Coal (PRC)
to the NZX 50 Index following the June Quarterly Index Review.

Pike River Coal will replace Hellaby Holdings in the NZX 50 Index and will
initially rank around 43rd. The index change will be effective at the opening
of trading on Tuesday 1 July 2008.

Pike River Coal will also be added to the NZX 50 Portfolio Index and the NZX
MidCap Index, effective from the same day. The NZX 50 Portfolio Index is a
replica of the NZX 50 Index, except with the weighting of any one company
capped at 5%. The NZX MidCap Index tracks the performance of the medium
sized companies of the NZX 50 Index.

The NZX 50 Index comprises the securities of 50 of the largest and most
liquid companies quoted on the NZSX Market. It is the New Zealand
sharemarket's best known benchmark, recognised by the news media, investment
professionals and the general public.

[sideline]

McDuall Stuart expect PRC to enter the NZX50 at around place 44 on 1 July as per their latest
research note.

Pity my chart didn't show me that those crazy Ozzies would spike the price to A$1.70
because of the trading halt in NZ for an already expected piece of news.

[Billy Boy]

Seams one buyer buying up large at $2.00
Cleaned out most of the traders I recon
4.00pm - 5.00pm will be hour interesting.
:) BB

[ritchie]

that whiskey will taste that much sweeter tonight for you bermuda......hopefully everyone you warned took your advise

[Billy Boy]

Whats the bet...
an announcement about Monday or Tuesday
saying that the tunnelers are though the fault ???
;)
Then the SP !!!:D!!!
BB

[Placebo]

Who cares about the coal? $2 struck!!

She's a gusher!! :D

[remy]

Speeding ticket maybe?


haha, wow what a week for prc shareholders may the upward trend continue!

/me kicks him self for not buying more prc :(

[tim23]

Well done Fish - your post from Duncan was the one I was alluding to! I thought it would be too hard to find but I knew it was there, excellent!

[Sideshow Bob]

I was disappointed with the announcement - I thought they were going to come out and advise that they'd struck oil, found diamonds and coal, as well as an ever-flowing spring of Monteiths beer!

Right, I'll just go back to my hole.......

[tim23]

Why don;t you respond to Fishs quote he found from you or do you just choose to respond to those messages you think (mistakedly) you can reply to with interest?

[sideline]

Whats the bet...
an announcement about Monday or Tuesday
saying that the tunnelers are though the fault ???
;)
Then the SP !!!:D!!!
BB

I don't think so, BB. Here is an excerpt from the announcement on 30-MAY:

Now 8 metres from the fault, advance drilling has started to produce sufficient
methane from the fault zone to instigate the planned changeover of equipment to
flameproof tunnelling equipment. No water has been evident to date from these drill
holes. Over the next few weeks prior to advancing through the fault, the last
remaining concreting and civil works in pit bottom will be completed and the
equipment changeover, such as replacing the jumbo drilling unit with Pike River’s
road header, will be undertaken.


I read two or more weeks of pit bottom completion work before advancing through
the fault.

[fish]

Bermuda: We seem to have a similar dilemma. I have done well (to date) with my CSG investments (thanks largely to the information and vision shared by your good self) but I don't want to let the NZO/PRC thing get away on me. I still hold relatively sizeable chunks of them both, including NZO options which I would like to exercise but this will involve realising some of my other investments - a situation which I would venture to suggest is faced by many other holders. But I scrutinise my portfolio closely and there are very few shares I want to part with at this stage (thats because I am so astute in my investing decisions of course, of course, of course.........!!)
However, I don't have to make that decision for another week or so, and I am sure there will be other considerations by then.
I have to agree with you, its quite an exciting time for us old codgers! So far we seem to be able to stand the pace!

Colin-I was in the process of selling of my other investments to convert my options-until I discovered margin lending with ASB-at only 10.6 %interest pa -and tax deductable -it seems the way to go for me rather than sell off the rest of my portfolio

[ritchie]

this ASB securities........how do you see them...through the ASB bank...or are they differant...excuse ignorance

[manxman]

this ASB securities........how do you see them...through the ASB bank...or are they differant...excuse ignorance

ASB Securities are a separate company within the ASB umbrella. If you go in for margin lending, you operate through an ASB Bank account, and your shares are held by ASB Nominees. You don't operate through your local ASB branch.

Steven Trainor (steven.trainor@asb.co.nz) is a good point of contact, or you can get an information pack via their website www.asbsecurities.co.nz.

I have used them for several years, and the service has been pretty well seamless. The interest rates are modest and the hassles are minimal.

That having been said, you can lose money at an alarming rate on a falling market, so you need to watch your position like a hawk. Your credit limit goes up and down daily with the fluctuations of the market. Its probably not worth the risk unless you expect a total shareholder return of 20% or more.

But of course you wouldn't be in this forum if you didn't expect big returns from NZO/PRC. DYOR.

Mx

[Robomo]

this ASB securities........how do you see them...through the ASB bank...or are they differant...excuse ignorance


I can endorse Manxman's post. I've operated a margin account thru ASB for the past couple of years. Hasslefree and seamless and you can get stock prices in real time. Phonecalls have been quick and efficient when needed. $30 minimum trade fee for NZ shares.

How do other broker's compare with ASB in other member's opinions?

It's been excellent for picking up more and more PRC shares!

[Mysterybox]

It's been excellent for picking up more and more PRC shares!

You can say that again

[Dr_Who]

I can endorse Manxman's post. I've operated a margin account thru ASB for the past couple of years. Hasslefree and seamless and you can get stock prices in real time. Phonecalls have been quick and efficient when needed. $30 minimum trade fee for NZ shares.

How do other broker's compare with ASB in other member's opinions?

It's been excellent for picking up more and more PRC shares!

Can you access research if you open an ASB account?

[Steve]

Can you access research if you open an ASB account?

Does it really matter? DOYR! ;)

[AMR]

ASB research is kinda crap...they get things like market capitalisation wrong and don't cover small caps like NZO or PRC.

[Robomo]

ASB research is kinda crap...they get things like market capitalisation wrong and don't cover small caps like NZO or PRC.

Agree - the research on the ASB site is very basic. However at $30 minimum a trade it is only there as a means of buying and selling. The charts are good though and can be manipulated to show a wide variety of information.

Better to look at the Company's website - Pike River have several broker's research reports on the website and the same is generally true of most other public companies, albeit that they are undoubtedly delayed until those punters that pay more for Brokers services have had first access to the report.

If you look hard enough there is a huge amount of information and news on the internet (but be sure to be suspicious of any news that seems too good to be true, it generally is!).

[Nitaa]

PRC is going absolutely nuts. congrats to all who jumped on this baby when theere were so many critics

[Billy Boy]

PRC is going absolutely nuts. congrats to all who jumped on this baby when theere were so many critics
Traders playing games I think NITA.:)
Still I feel will hold around $2.10 - $2.20 until that tunnel
gets going again.
BB

[tim23]

Nita - where are they now??

[Billy Boy]

Nita - where are they now??
TWIT:rolleyes:
Nita.....
Buy PRC NOW !!!
Long hold....
BB
Dic Hold PRC .... Heaps

[digger]

Nita - where are they now??

According to latest web site the tunnel is on hold until pit bottom is concreted and also waiting for tunnelling gear that will not cause a fire.Good as safety must come first.A tunnel accident would be very bad news so a bit of extra time to get it safely is a top investment.

[AMR]

Am I glad I got back into PRC after being stopped out for at 0.95. Emotionally the hardest trade I have ever done, but now the biggest % earner in my portfolio.

[Robomo]

Sorry to rain on the parade but Scotiabank in Canada predicts a reduction to $200 for hard coking coal next year, at least according to this article in Mineweb. Also some interesting predcitions on other metals.

http://www.mineweb.com/mineweb/view/mineweb/en/page67?oid=54345&sn=Detail

[digger]

Sorry to rain on the parade but Scotiabank in Canada predicts a reduction to $200 for hard coking coal next year, at least according to this article in Mineweb. Also some interesting predcitions on other metals.

http://www.mineweb.com/mineweb/view/mineweb/en/page67?oid=54345&sn=Detail


Thanks but i can not be bothered to read it. For the last 8 years now we have heard one or more experts predict oil always going to go down.Time to start on HCO. Wake me up when it happens

[Hoop]

Am I glad I got back into PRC after being stopped out for at 0.95. Emotionally the hardest trade I have ever done, but now the biggest % earner in my portfolio.

AMR...It must be human instinct behaviour or something, but I also have great trouble in forcing myself to average up in an uptrending share and make an extra profit.
I have averaged up many times now with PRC and each time it has been mentally challenging with the addition of Mrs Hoop chiming in with "don't you think you've bought enough dear, the price is getting awfully high" I grit my teeth, say bugger it and buy another 20,000 or so...

......yet.....it seems sooooo easy to average down on a downtrending share and risk losing heaps

One of life's great behavioural paradoxes, eh, AMR

[bermuda]

Thanks but i can not be bothered to read it. For the last 8 years now we have heard one or more experts predict oil always going to go down.Time to start on HCO. Wake me up when it happens

Exactly Digger,
This guy has shown his ignorance of the huge increasing demand for steel and the present problems confronting the industry.

I cant be bothered opening it either.

But hey we all learn from opinions. And that's why this site is so good.

[Hoop]

Sorry to rain on the parade but Scotiabank in Canada predicts a reduction to $200 for hard coking coal next year, at least according to this article in Mineweb. Also some interesting predcitions on other metals.

http://www.mineweb.com/mineweb/view/mineweb/en/page67?oid=54345&sn=Detail

Don't feel too bad Robomo I read it. :)

I'll post this tasty quote from your article to tempt Digger and Bermuda for ya:D:D

"....Scotiabank Group forecasts that oil prices are likely to remain exceptionally high through decade end......"

[bermuda]

Sorry to rain on the parade but Scotiabank in Canada predicts a reduction to $200 for hard coking coal next year, at least according to this article in Mineweb. Also some interesting predcitions on other metals.

http://www.mineweb.com/mineweb/view/mineweb/en/page67?oid=54345&sn=Detail

Thanks for the post. I tell you I have really grown to dislike economists from Banks. They carry an ego the size of the moon and invariably come in a discussion considerably under researched.

But hey, to get back to the topic, you and I know there is no way the coking coal price comes down in the next decade.

Set to explode eh.

[bermuda]

Don't feel too bad Robomo I read it. :)

I'll post this tasty quote from your article to tempt Digger and Bermuda for ya:D:D

"....Scotiabank Group forecasts that oil prices are likely to remain exceptionally high through decade end......"

Hi Hoop, lol
If correct, They would be one of the few banks in the world that had a clue about what's happening. I mean I have seen first hand how bad these guys are. Thet are walking 'prima donna's who specialise in nothing....apart from their appearance. Do not trust them.

And by the way I loved your post Robomo....it showed me yet again how these Bankers cannot absorb a complex subject.

[Billy Boy]

Tks for your topic ROBOMO :)
I read the link and tks for that.
But agree with the others
Many Bankers/Banks have a problem.
BB:)

[Crypto Crude]

Mackdunk and I are having a heads up share picking competition with STRAT where we each picked two stocks... one resource stock, one oiler stock, started it NOV last year...
ASX or NZX stocks only...
Mackdunk picked AGM as his resource stock and it got taken over by Zinifex and delisted last week... it went from 70 something cents to $1.10...
So mackdunk now gets to choose a new resource stock pick and you will never guess what stock he Picked...

Mackdunk went on to tell us that his next pick was going to be 'PIKE RIVER COAL' ,(as his next best choice)...
I told him there was no way in blooody helll he was going to pick that stock AFTER all the things he's said about it here on the threads...
I told him to get his own bloody pick...
He has been giving this stock beef for years (aswell as NZO), and now he's picking it because its going good and has heaps of upside in it...
This stock will continue to go good...
Will hit the Coal Seam Next month... don't sell...

he's apparently going on holiday for the whole week, so we can't debate this further...
Should Mackdunks arrsseee get Polled?
Its Cheating I say....
Man, I guess I'll just have to let him keep it, and beat him if he has Pike or Not...
:cool:
.^sc

[COLIN]

SC: Thanks for sharing that news with us (re Duncan's about-face). My, how the worm has turned, as they say! But may he experience good fortune, and congratulations to him for having the courage to admit he was wrong.

[Placebo]

Yeah welcome aboard Macdunk. There's enough love for you in PRC...

I've always thought he was a "miner" player on here anyway ;)

[Scuffer]

Hello boys, I too slated Pike but that was when they were trying to ship the stuff on coal barges and you lot let me know I wasn't welcome some one even called me a hand shandy shaker not nice but I did say that Pike was a good bet once they got away from the barges and I'm really pleased that it is all turning out so well. I think the problem now wil be maintaining the supply route to the customer but that is someone elses problem not Pikes.

[Rabbi]

A good old sell off today, PROFIT taking on a grand scale. For some people a bird in the hand is worth two in the bush, or the lack of news on progress through the fault has some on edge maybe.
Confirmation that the tunnel is through the fault and there are no "complications" should see this baby bounce back over $2 in short time.

[bull....]

A right old rogering Rabbi , Maybe problem with the fault

[Crypto Crude]

It could be a sell off due to the mackdunk factor...
.... only kidding...
:cool:
.^sc

[croesus]

Maybe those retired Mine Managers who drink at the Blackball Working mens club were right..

[bull....]

Thats the problem with mines , unpredictable problems.

Pike has to deal with the fault , thens theres the coal if they get thru is it as good is there as much as thought , maybe announcement due about delay on fault ?

[QOH]

by people to take up NZO options too.

[remy]

wow what a fall, when are we expecting an ann re the fault line?

[Mysterybox]

Arrgh, prices fall and still no information. So frustrating..
Isn't this an example of insider trading?

[tim23]

Profit taking and taking up options in NOG look likely to me but who knows?

[AMR]

Nothing to worry about...the previous retracements were more severe.

[Hoop]

............ Mrs Hoop chiming in with "don't you think you've bought enough dear, the price is getting awfully high" .

:p:p:p:p:p

[Phaedrus]

Nothing to worry about...the previous retracements were more severe.

That is true for ASX:PRC, but not for NZX:PRC. On the NZ market the biggest retracement up until today was 8%. Today's drop broke below an 8% trailing stop, taking the retracement to 11%, so far.

Nevertheless, the uptrend is still intact and none of the 6 indicators plotted here have triggered Sell signals yet.

http://h1.ripway.com/Phaedrus/PRC611.gif

[Base Trader]

Fundamentally I doubt this is more than profit taking unless there is inside trading on the basis of a disaster in the project itself (but I very much doubt it). None of the economics have changed and in fact Coking Coal looks tigher than ever.

Japan’s Tex Report reported this week that hard coking coal contract negotiations between Japanese steelmakers and Xstrata are “bogged down,” with the Japanese prepared for a “long-running battle.” The report suggested that Xstrata was offering hard coking coal for $350–370/t fob, much higher than earlier settlements around $300.

The uptrend will remain in place in my opinion. If you are happy with your gain then take it off the table but if you see the longer term outlook remaining robust for coking coal then you should remain onboard.

[bermuda]

Fundamentally I doubt this is more than profit taking unless there is inside trading on the basis of a disaster in the project itself (but I very much doubt it). None of the economics have changed and in fact Coking Coal looks tigher than ever.

Japan’s Tex Report reported this week that hard coking coal contract negotiations between Japanese steelmakers and Xstrata are “bogged down,” with the Japanese prepared for a “long-running battle.” The report suggested that Xstrata was offering hard coking coal for $350–370/t fob, much higher than earlier settlements around $300.

The uptrend will remain in place in my opinion. If you are happy with your gain then take it off the table but if you see the longer term outlook remaining robust for coking coal then you should remain onboard.

No problems. Just a bit of "NZ' profit taking. A broker told me he just had a 1 hour presentation from GW today and everything is just fine and dandy.

PRC goes up. And that is not a ramp.

DYOR

[Sideshow Bob]

There was 136 trades today on the NZX, with average trade being 5,000 shares. Total volume not out of the ordinary.

[manxman]

Profit taking and taking up options in NOG look likely to me but who knows?

Right on Tim. I, for one, sold 20% of my PRC holdings to ensure that I have sufficient reserves to exercise NZO options. I really didn't mean to start a major panic though.
The butterfly fluttered its wings and the sky fell in.

[bermuda]

Right on Tim. I, for one, sold 20% of my PRC holdings to ensure that I have sufficient reserves to exercise NZO options. I really didn't mean to start a major panic though.
The butterfly fluttered its wings and the sky fell in.


136 small trades. That says it all. Same pressure on PPP. There is nothing like an option exercise to really hit the head price. ( and SPP's )

For instance BOW was up in the 30's and climbing and then came the 25 cent placement. So the shares went down to 26 cents.

Then came the 20 cents option exercise. That took the price to 19 cents.

Now BOW are 50 cents.

Same goes for PPP, PRC, and NZO. Watch them fly after June 30th.

[Placebo]

Right on Tim. I, for one, sold 20% of my PRC holdings to ensure that I have sufficient reserves to exercise NZO options. I really didn't mean to start a major panic though.
The butterfly fluttered its wings and the sky fell in.

Wow. Chaos theory indeed! :D

[Hoop]

Quote....Mrs Hoop chiming in with "don't you think you've bought enough dear, the price is getting awfully high" I grit my teeth, say bugger it and buy another 20,000 or so...

Opportunity methinks.... bought another 10000 at $1.87 this morning :cool:

[Billy Boy]

Quote....Mrs Hoop chiming in with "don't you think you've bought enough dear, the price is getting awfully high" I grit my teeth, say bugger it and buy another 20,000 or so...

Opportunity methinks.... bought another 10000 at $1.87 this morning :cool:
So that was you !!!!!
Beat me to it
I only got 2500 @ 190
Bloody telephones......... its off the hook now
BB

[digger]

So that was you !!!!!
Beat me to it
I only got 2500 @ 190
Bloody telephones......... its off the hook now
BB

Never mind BB you can have my 1/3 million for 2-90. Value

[Billy Boy]

Never mind BB you can have my 1/3 million for 2-90. Value
:D
90cents did you say digger ???
your on
:D:D

[777]

Looks like 2 for 90 to me.

[Placebo]

That would be a good morning's work for the Black Caps, but a pipe dream at present ;).

[Hoop]

So that was you !!!!!
Beat me to it
I only got 2500 @ 190
Bloody telephones......... its off the hook now
BB
:D:D:D:D:D:D:D:D

[ritchie]

Well am I popular with the Mrs....Not.

At $2.08 she says....why dont you sell half ya shares then you are even.

I say...like hell... they will keep on going up.

Well dont i look a chump today.

But hopefully in 2 months the role will be reversed...

Now how many guys can relate to this.

[777]

My other half is still holding on to her BIL shares(now GLL) so very little she can say on my purchases. All I do is smile.

[RossT]

I was "this close" to bailing out at 2.07. The buyers were there, I had the sell order showing, confirm order or abandon. And what did I click on? Abandon. Doh!

Hindsight is a wonderful thing but really we'll be back up over 2.00 in no time, just an amazing opportunity to up the holding missed.

This fault is a non-event, and as soon as they are into it and thru it, everyone will be wondering how it got so much mileage. Still I realise the Dows friday session must have frigthened a few.

Six months ago would you have imagined the sp being where it is now? No Way! And the best is yet to come. I think in a previous post I predicted 1.45 at first coal so I'm still laughing all the way to the bank.

[Rabbi]

I was "this close" to bailing out at 2.07. The buyers were there, I had the sell order showing, confirm order or abandon. And what did I click on? Abandon. Doh!

Hindsight is a wonderful thing but really we'll be back up over 2.00 in no time, just an amazing opportunity to up the holding missed.

This fault is a non-event, and as soon as they are into it and thru it, everyone will be wondering how it got so much mileage. Still I realise the Dows friday session must have frigthened a few.

Six months ago would you have imagined the sp being where it is now? No Way! And the best is yet to come. I think in a previous post I predicted 1.45 at first coal so I'm still laughing all the way to the bank.

Yeah, Sell early and avoid the October rush!

[Billy Boy]

Yea I know Rosst....
I was about to pounce @ 187 and the phone rang :mad::mad:
thats when that awful, hideous, tree peeping, marauding, sneeky,
etc...etc "HOOP" pinched (yes pinched) my buy @ 187.
I mean to say !!!! Such cheek !!! :eek:
I know he only did it to spite me :o
I KNOW WHERE YOU LIVE HOOP !!! :p
Oh... Oh... Hang on...... Idea :)
Forget the above :D :D :D
.
Dear Mrs Hoop (lovely lady you know) :):)
You know how you have been saying .......and he ....and and...
and he said.... etc etc.... (all a cover up)......
You must be a little firmer now. An expensive overseas trip would
be the least you deserve. Harrods a must. Paris... yes, just the best.
Onto the Middel East, $2000 a night room rate minimum, :D, then New
York, no expence spared.:D... fly first class... hire cars only.
And that bloody Digger can be your baggage boy....
go for it Mrs....
BB
:D:D:D

[Snow Leopard]

So many words so little information.

Mind you, the ?last time? I posted here (http://www.sharetrader.co.nz/showpost.php?p=146196&postcount=425) I completely over-estimated my eventual entry price.

regards
Paper Tiger

PS: We live in interesting times

[Sehnsucht888]

Pike River Coal has never been a stock for the faint-hearted. It has been running hot in the past few weeks before a reality check on Wednesday in the shape of an 8.4 per cent fall.

After a rocky start, the project in "tiger country" northeast of Greymouth is on the verge of hitting hard coking coal that is the proverbial black gold on world markets.

After hitting a low of 80c soon after listing at $1, Pike River climbed to a high of $2.08 last week after confirmation of US$300 ($398) a tonne coal prices and the pending entry into the NZX-50. Shares closed yesterday up 4c at $1.89.

First New Zealand Capital's Jason Familton says the share price was getting a little ahead of itself.

"I think it's a little bit of profit taking - it's had a fantastic run. At the end of the day the story remains intact.

"It's going to be producing a resource that's got significant global demand."

Boring is making good progress through the potentially problematic Hawera fault and the tunnel is due to reach the Brunner coal seam in July.

Advertisement
<a href="http://ads.apn.co.nz/accipiter/adclick/CID=000012c098c5a19e00000000/aamsz=300X250/acc_random=86078761277/pageid=86078761277/site=NZH/area=SEC.BUSINESS.STY/keyword=stock takes ups downs pike river faithful coal never faint hearted it running hot past weeks before reality check wednesday shape an per cent fall after rocky start project tiger country northeast greymouth verge hitting hard coking coal"> <img src="https://secure.adbureau.net/apn/hot_300x250_generic_261107.gif" alt="" width="width=300" height="height=250" border="0"> </a>
Advertisement

The company forecasts extraction of 200,000 tonnes of coal during this financial year, building to one million tonnes a year for the 17-year life of the mine. Familton said once through the fault there was another element of uncertainty over any water or gas.

"It's really just a potential delay in timing. There's no uncertainty that the resource isn't there.

"It is important that they start producing given where the price is and for the market because of the delays they've already had but that said they will be minor delays if anything."

James Smalley, a client adviser at Hamilton Hinden Greene said Pike River stood out as a good news stock.

As New Zealand's only listed coal company it benefited from concentrated attention of local investors and from July 1 would further benefit from buying by index related funds.

Coal producers in Australia had seen their share prices triple or better in the past year - the difference being Pike was still in its development stage.

"The market doesn't want to get ahead of itself - unlike these producers who do have two or three mines they are only a single mine producer and a single commodity. Things are looking rosy for coal at the moment but what happens if the coking price falls out of bed?"

However, Pike was in an absolute sweet spot, Smalley says.

"They're at the right place at the right time, particularly given further weakness in the New Zealand dollar."

http://www.nzherald.co.nz/section/3/story.cfm?c_id=3&objectid=10516024&pnum=0



Talk about getting attention now..

[Sideshow Bob]

No new photos on the website - I'd love to see something.....

[temptation]

It's tough to take interesting pictures in a coal mine!

[the machine]

No new photos on the website - I'd love to see something.....


are you sure - looked at the road header photo's yesterday

M

[Sideshow Bob]

are you sure - looked at the road header photo's yesterday

M

Thanks M. They tricked me, they had them out of date order!!

[bermuda]

I have just read the latest release on transport costs and have phoned PRC.

A correction to the $411/tonne transport cost will be made shortly.

World demand for steel rises and some steel plants have had to shut down due to lack of coking coal.

Far out. PRC doubles before year end.

Load up now while the PRC shareprice is being artificially held back by the NZO options exercise.

You dont often get it as good as this.

[Dr_Who]

Hey Bermuda.

PRC recently signed a supply contract at $300. Does this mean that PRC will not be able to benefit from further coal price rises in the future? Also how long is the contract for? At least they are protected from future coal price drops, if any.

[AMR]

THey're renewed yearly. The $300 price is for contracts, but PRC do have a portion which goes on the spot market.

[bermuda]

Hey Bermuda.

PRC recently signed a supply contract at $300. Does this mean that PRC will not be able to benefit from further coal price rises in the future? Also how long is the contract for? At least they are protected from future coal price drops, if any.

The contract ( $US300/tonne ) is at the international price negotiated by the big boys and is effective until 1 April next year.

Dispite several economists forecasting a downturn, dont be fooled.

The coking coal price goes higher next year.

I mean, steel mills are having to close due to a lack of supply of coking coal in a world where steel demand is rising.

Far out. As I have said before 'I nearly put my whole portfolio on PRC' and I am starting to think that way again...strongly.

[glennj]

Hi. Does anyone know about the proposed methane emission charges that may be imposed on PRC? Was told it's in the Greymouth paper. $2 million per annum if no mitigation measures are taken.

[Sehnsucht888]

I just got the emaied PDF, and it clarifies the $411 issue. The last 1 was a foot note market, lost in conversion to basic tetx:

NZ$41<I>1</I> per tone

1. Note: The total transport cost estimated in November 2007 was NZ$38 per tonne before the current rise in fuel
prices.

[digger]

It seems to me some cross purpuse talking here. In the first instant we have the incorrect transport cost given as 411 per ton when 41 was meant.Then the our contract sale of HCC price for this current finanical year set at 300 a ton. These are two seperate issues,so do not get confused at thinking we could have got 411. Well that is how i see the two issues that are seperate wrongly coming together.

[Hoop]

It seems to me some cross purpuse talking here. In the first instant we have the incorrect transport cost given as 411 per ton when 41 was meant.Then the our contract sale of HCC price for this current finanical year set at 300 a ton. These are two seperate issues,so do not get confused at thinking we could have got 411. Well that is how i see the two issues that are seperate wrongly coming together.

...and keep this price apart too..
$US300 a ton .....it's in US$

The $NZ41/ton transport cost is in NZ$
--------------------------------------------------------------------------------------

$US300 / 0.7565 = $NZ396
Transport costs = $NZ 41
Can relate to both now as both in $NZ

[Billy Boy]

Far out. As I have said before 'I nearly put my whole portfolio on PRC' and I am starting to think that way again...strongly.
Me too..
But I have gone that way....... 95%
Will sell some more rubbish and buy some more NZO
BB
PS after all what the hell else is there on the NZX ???

[COLIN]

I have just read the latest release on transport costs and have phoned PRC.

A correction to the $411/tonne transport cost will be made shortly.

World demand for steel rises and some steel plants have had to shut down due to lack of coking coal.

Far out. PRC doubles before year end.

Load up now while the PRC shareprice is being artificially held back by the NZO options exercise.

You dont often get it as good as this.

Bermuda: I got a shock when I saw that $411 figure too! Assumed it must have been meant to be $41.1 - glad to have it clarified.
It got me thinking, though. We talk about the negotiated price of US$300 per tonne - is that "at the mine face" "at the wharf side" "fob" or "delivered at destination port" or something else? Assume it is "fob" (free on board) but are you or someone able to clarify?
Cheers.

[Unicorn]

Here is another interesting mis-reported figure from the Sharetrader news site ... "From mid-2009 around one million tonnesof coal will be trucked each day."

[Trent]

The contract ( $US300/tonne ) is at the international price negotiated by the big boys and is effective until 1 April next year.

Dispite several economists forecasting a downturn, dont be fooled.

The coking coal price goes higher next year.

I mean, steel mills are having to close due to a lack of supply of coking coal in a world where steel demand is rising.

Far out. As I have said before 'I nearly put my whole portfolio on PRC' and I am starting to think that way again...strongly.

What - and desert the Queensland coal seam sector?

[Mysterybox]

Far out. As I have said before 'I nearly put my whole portfolio on PRC' and I am starting to think that way again...strongly.

I don't ever mean to question your knowledge but... thats quite a statement?

[bermuda]

What - and desert the Queensland coal seam sector?

Yes I just love those Queensland embryo's.

I wont sell them because PRC is only going to double.

[Base Trader]

The Mittal takeover of MacArthur coal looks all but done now Chairman resignation (so he is free to flog his 15&#37; stake). Bullish for Coking Coal stocks. PRC maybe back on the menu again for some surplus cash in the sector.

[Rabbi]

With PRC about to enter the NZX 50 it looks like some institution index funds have to buy to re-balance their portfolios.

Big fish gobbling up the small fry is good for the SP.:)

I wonder how they are going at the fault?

[bmelv11]

The Mittal takeover of MacArthur coal looks all but done now Chairman resignation (so he is free to flog his 15% stake). Bullish for Coking Coal stocks. PRC maybe back on the menu again for some surplus cash in the sector.


hey mate,
how are you thinking this will effect PRC? and why?

Cheers

[RossT]

hey mate,
how are you thinking this will effect PRC? and why?

Cheers

Arcelor Mittal, worlds biggest steel maker, is currently "playing pacman" ( gobbling up ) coking coal mines, as one article put it, to ensure their future supply of raw materials. This would surely indicate the future price of coking coal isn't about to fall back any time soon or why would they bother.

Prc may well be in line to be "pacman-ed".

[friedegg]

First Time Ever No Weekly Report On Tunnel-- Progress Or Othier Activities Was Due 22/6
by the look of the share price i think someone may have brought the first fistfull of coal up through the tunnel

[Wilkins_Micawber]

by the look of the share price i think someone may have brought the first fistfull of coal up through the tunnel

or possible selling pressing due to NZOODs is ending (NZO also up today)

[Woody51]

These are being relentlessly accumulated. Can't believe people are selling.

[Billy Boy]

These are being relentlessly accumulated. Can't believe people are selling.
Agree
I am one accumulator (when/if I can beat hoop :D)
BB:)

[Footsie]

can someone please tell me the size of their resource

ie how many mt of coal they have

thanks

i'd like to compare valuation per m/t to aussie coal stocks

[Xerof]

Footsie,

John Kidd at McDouall Stuart, has already done this comparison for you.

Outrageously underpriced, although not so bad now I guess

[manxman]

can someone please tell me the size of their resource

ie how many mt of coal they have



17.6 Million tonnes according to prospectus. Almost certain to have an upside.

Mx

[Hoop]

Agree
I am one accumulator (when/if I can beat hoop :D)
BB:)

My ears are burning...did someone mention my name?:confused:

Hoop is a happy chappy ..because Mrs Hoop is a happy chappressy roll on PRC:cool:

[Footsie]

Xerof

i have no idea who Mr Kidd is and it doesnt help me unless you post the numbers


All I can say is that im in a coal play in Aussie with 415 mt resource with a m/cap 1/4 of PRC

Its up 67% since i bought in last week an up 1116% in 12 months.

Either PRC is expensive or my stock is cheap......

But given PRC is the only NZ coal stock it is likely to continue to hold a premium

Given the way the NZ market works..... eg RAK, PPL etc.... i'd expect PRC to probably run to $5.00........ before a gentle decline back to $2.00

PRC doesnt offer the MASSIVE upside i can get from my aussie coal plays but it also doesnt have the volatility.

[Mysterybox]

Given the way the NZ market works..... eg RAK, PPL etc.... i'd expect PRC to probably run to $5.00

Over what term would you expect this? 5+ years? This is the largest estimate I've seen yet.

Good day so far for PRC, love waking up to see new highs..

[Corporate]

Xerof

i have no idea who Mr Kidd is and it doesnt help me unless you post the numbers


All I can say is that im in a coal play in Aussie with 415 mt resource with a m/cap 1/4 of PRC

Its up 67% since i bought in last week an up 1116% in 12 months.

Either PRC is expensive or my stock is cheap......

But given PRC is the only NZ coal stock it is likely to continue to hold a premium

Given the way the NZ market works..... eg RAK, PPL etc.... i'd expect PRC to probably run to $5.00........ before a gentle decline back to $2.00

PRC doesnt offer the MASSIVE upside i can get from my aussie coal plays but it also doesnt have the volatility.

So whats this other play footsie?

[bermuda]

Xerof

i have no idea who Mr Kidd is and it doesnt help me unless you post the numbers


All I can say is that im in a coal play in Aussie with 415 mt resource with a m/cap 1/4 of PRC

Its up 67% since i bought in last week an up 1116% in 12 months.

Either PRC is expensive or my stock is cheap......

But given PRC is the only NZ coal stock it is likely to continue to hold a premium

Given the way the NZ market works..... eg RAK, PPL etc.... i'd expect PRC to probably run to $5.00........ before a gentle decline back to $2.00

PRC doesnt offer the MASSIVE upside i can get from my aussie coal plays but it also doesnt have the volatility.

Footsie,
I think PRC might surprise you.
The reasons

1. NZ is a nation of tall poppy lovers. Anytime anything good appears it gets shot down
2. It was floated at $1 at a time when everyone hated both PRC and NZO
3. They havent even got through the fault yet
4. They havent even hit the coal yet
5.The Aussies dont even know about it...yet
6. The $NZ is falling
7.The IPO assumed $US98/tonne. It is now $US300 and climbing. Costs have gone up marginally.
8.PRC coking coal is the best in the world.

That's why I am so`bullish on PRC. Just a matter of time until investors understand.

Sorry I forgot to add in what could be the most important factor...a SECURE SUPPLY line
Cheers

[zorba]

Footsie,

Here is a link to McDouall Stuart appraisal of PRC written by John Kidd:

http://www.pike.co.nz/reports/analyst-reports/21-May-08%20PRC.pdf/view

Here also is a link to a McDu Stu sector appraisal of coking coal market over the next few years:

http://www.pike.co.nz/reports/analyst-reports/McD%20Stuart%208-May-08%20Coal%20SectorB.pdf/view


The sector appraisal is very very interesting -- it does not have an author listed in the the report but I suspect that John Kidd had a major hand in preparing the report.

The sector report ends up with a short appraisal of a number of Australasian coal mines including PRC for comparison.

Very interesting stuff.

I just hope the high oil price does not skrew the world economy -- the US seems to be already heading for recession -- it will take the cream of the cake as well as no doubt skrewing up all the coking coal prices in the two McDu Stu reports.

Cheers,

Z

[Billy Boy]

My ears are burning...did someone mention my name?:confused:

Hoop is a happy chappy ..because Mrs Hoop is a happy chappressy roll on PRC:cool:

:D :D :D

good on ya hoop old son
BB:D

[Footsie]

mystery... if PRC is going to get to 5.00 it will do it in the next 6 months or not at all.
RAK 1.60 to 5.80 in 12 months

[Footsie]

The stock is CDS
Its much more volatile than PRC so tread carefully

but IMHO its hopefully going to become my first ten-bagger :)

[Placebo]

8.PRC coking coal is the best in the world.

Bermuda this coal has yet to be produced. Are the rose-tinted specs on??;)

[bermuda]

8.PRC coking coal is the best in the world.

Bermuda this coal has yet to be produced. Are the rose-tinted specs on??;)

Not at all. My glasses are clear and sharp.

PRC coking coal is better than Solid Energy's.

Solid Energy's coal has been shipped to South Africa. That's how much they want it. It is like a dream catalyst.

Pike's coking coal is the best in the world and the ships will be tying up at Lyttelton to grab it. At ever increasing prices too, I might add.

Sell all your telecoms and other plodders.

Buy some PRC for a very quick ride to glory.

[bermuda]

The stock is CDS
Its much more volatile than PRC so tread carefully

but IMHO its hopefully going to become my first ten-bagger :)

Footsie,
I see what you mean about CDS. Huge eh and some uranium and iron ore to boot around as well.

PRC is just a little fellow but is dealing, as you know, with a world class resource in huge demand.

[hereandthere]

anyone else notice how prc in Australia had an exceptional run up this afternoon ( after our Market closed )

PRC.ax closed 1.775 on its high for the day! Very nice indeed - and should give us a nice start in the morning

[Footsie]

Yes i saw that hereand there

PRC is exhibiting classic "crowd" behaviour
NZO to some extent as well

awesome to watch and better still to be a part of so long as you are on the right side.

Fundamentals got the story going ie rising coal price and now the crowd (sentiment) have got the price humming.

Price targets are irrelevant when the crowd is at work. That's why I say it could reach 5.00 in 6 months.

Of course as they price rises, analysts...... most of whom are group think sheep will automatically raise their target price.... just like they have lowered their target prices on quality industrial stocks (despite no change!!)

You can talk about "premium" coal all you like, but that's all BS IMHO...this is a classic crowd play now. "premium" coal got you from 80c to 1.60.... 1.60-5.00 is the crowd. Enjoy the party, someone is about to turn the music up and hand around the free beer. Just remember to quietly slip out before the lights come on otherwise you might fall in the pool in your drunken state as everyone pushes for the exit.

PS...... over at CDS the party is pumping, the crowd has heard their is free beer, wine AND SPIRITS.... and maybe even topless dancers :)

[da puntzda]

mighty

some very keen buying of PRC all of a sudden1

[Grand Uber]

the sell side is slowly disapearing aswell, if anyone wants a large amount they are going to have to put in a bid for 275

[Dr_Who]

WOW.. this is my best performing stock! :)

[AMR]

WTF?!? IS ArcorMittal making a move or something?

Nearly two-bagger time for me...I think a few of us pikers have already hit that though.

[OutToLunch]

Heading for my first bag on this one on the ASX -- surely this rate of gain means a sharp retreat before too long though? Still some significant hurdles for PRC to overcome before the $ starts coming in. Not that I'm complaining, mind, after all PRC's coal is some of the best in the world. Perhaps the big fish are circling -- look at those 100k orders going through.

[Rabbi]

Sellers have headed for the hills, while institutions have to pay up to get PRC in their Index funds. I don't think it's crowd behaviour, just basically the stock having to be re-rated on entry to the NZX 50. I'm in for the long haul as the price of coal is unlikely to drop, based on present demand for high quality coking coal.

Mind you, when they ladies bridge clubs start taking an interest in PRC, I'm might have to jump out in a fast parachute! :p

[bermuda]

WTF?!? IS ArcorMittal making a move or something?

Nearly two-bagger time for me...I think a few of us pikers have already hit that though.

This is going to be quite a party. And a long one too. PRC has been held down by people selling them to exercise their NZOOD's. Now that is nearly out of the way and we will see a big rerating.

The party will turn up a notch when we are through the fault and the music comes on when we hit the coal.

And later on this year when the Aussies finally arrive, things are going to go ballistic until some party poofter calls noise control.

I like to party. Enjoy this one. But get into training because it will last a while.

[Footsie]

SOmeone is dolling out the free champagne today....

this party is heating up

[remy]

wow i thought i missed the train after getting in at 125 will most likley be my first bag ever.. :D

[Mysterybox]

wow i thought i missed the train after getting in at 125 will most likley be my first bag ever.. :D

Got in at 1.27 myself, bloody beautiful times ahead for PRC. Going to be my first one bagger, been my first play.. only took 3 months.. big thanks to all here for insight etc, it's been a pleasure.

[Corporate]

Question is. Would you buy in now? To late to the party lol

[tim23]

Probably just the beginning, where are the baggers who said wait until 1st coal mined before you buy, it might be a good time to exit for a tidy profit!

[corporateraider]

Is it too late? If they produce 1 million tonnes per year at US$ 300 PER tonne thats NZ$400 million of revenue, and even more if the dollar drops. And only 260 odd million shares.
Like Bermuda I see that there is much more in the share price. And I don't need to ramp the price because I have very few of them.

[Corporate]

Is it too late? If they produce 1 million tonnes per year at US$ 300 PER tonne thats NZ$400 million of revenue, and even more if the dollar drops. And only 260 odd million shares.
Like Bermuda I see that there is much more in the share price. And I don't need to ramp the price because I have very few of them.

Do we have any idea on what the cost are to bring in that $400m a year?

[zorba]

Check the prospectus ......

Off the top of my head it was I think something like NZ$ 65 - 75 per tonne.

Somebody please correct me if my memory is skew !!!!

Could be fat profits .....

[bermuda]

Do we have any idea on what the cost are to bring in that $400m a year?

Why bother worrying when revenues nave gone up 3 fold and costs have risen only marginally. Plus the dollar goes down.

I mean this is a standout.

[pietrade]

With the option exercising holding NZO back behind PRC, one would anticipate it doing a catchup once the oppies are out of the way. Has anyone else thought of selling down some PRC at it's current high and buying NZO at it's current low? When they catchup to PRC again, quit the NZO, rebuy PRC and enjoy the profit.

[Footsie]

cost of production is NZ$41 p/tonne

read the recent annonuncement

[manxman]

cost of production is NZ$41 p/tonne

read the recent annonuncement

To which add $50+ /tonne for transport to port etc.

It was going to be a nice little earner at US$95 / tonne. At current prices it looks very sweet indeed, but any sums are pretty meaningless because of the uncertainties of timing. They will probably only get away one or two shiploads prior to June '09, but if the coal price holds up :D:D:D

Mx

[temuk]

Total transport cost is NZ$ 41

see ann 18/6/08

[ritchie]

FMG quantifies iron ore price rise
Email Print Normal font Large font June 26, 2008 - 7:06PM

Advertisement
Record iron ore prices have paved the way for Australia's newest iron ore exporter, Fortescue Metals Group Ltd, to post multi-billion-dollar earnings for the forthcoming financial year.

Chief financial officer Chris Catlow told AAP that the average 85 per cent increase in benchmark iron ore prices achieved by Rio Tinto Ltd this week was expected to boost Fortescue's bottom line considerably.

Mr Catlow said Fortescue expected to achieve earnings before interest tax depreciation and amortisation (EBITDA) of $3.4 billion for the 2008/09 financial year.

He said that under its contract with Baosteel, China's largest steel maker, Fortescue's prices fall in line with the benchmark price set by the iron ore majors.

"The system has been over the past 40 years that after the first price to settle, everybody falls in line.

"But this is the first year it hasn't happened because, of course, Baosteel has agreed to a price ... so Rio has settled and what isn't yet clear is whether BHP Billiton is going to agree to the Rio price.

"Everyone is expecting that they will, but they haven't yet formally done that.

"We're just holding our line as well to see what BHP does."

Since the commencement of iron ore exports last month, the company had pulled in $80 million in revenue, Mr Catlow said.

"After years of shelling it out, we're finally getting some money back in.

"We're selling iron ore at around $A90 per tonne and because it's only costing us around $A20 per tonne, we're making around $A70 for every tonne that we ship.

"For the financial year through to June next year, you should see about $3.4 billion of EBITDA, so it's a very profitable business.

"Much of that cashflow can then be reinvested in any expansion that we may choose to announce at a later date."

Shares in Fortescue closed 12 cents higher at $12.12.

If PRC got to half that share price........Im in heaven

[RossT]

No Weekly Report Since 15/6 -----since Start Of Operations Over 2yrs Now Weekly Reports Have Been On The Button--------- Tunnel Way Behind Target Dates Now Won,t Break Through Until August/sept Earliest-- Mon30/6 Next Report Due--- Any Body Know Any Different;)


I emailed Pike yesterday regarding the lack of tunnel progress info lately.
Got a reply ( very promptly ) from Peter W. saying there is a press release coming out monday. No other comment in the email I received as to hint at the content of the press release or on tunnel progress.

[The BOWMAN]

I emailed Pike yesterday regarding the lack of tunnel progress info lately.
Got a reply ( very promptly ) from Peter W. saying there is a press release coming out monday. No other comment in the email I received as to hint at the content of the press release or on tunnel progress.

Who else has a bad feeling about this? Good news should come out on shedule. No need to break the routine if nothing went wrong.

[AMR]

Touchwood...but if it is very bad then they would have gone for a trading halt instead of a press release. Hey, the price is acting as if there is some unannounced good news!

[Scuffer]

This could be the last hiccup before they start to supply it should put a dint in the sp, a chance for a few to pick up more on the way up to $3.

[OutToLunch]

Feels a bit ominous, though if it was something catastrophic I'm sure it would already be in the news. Hopefully it's only a setback at worst (eg., worse than expected conditions at the fault and resulting slow progress).

Or maybe they've found a second coal seam! :rolleyes:

[pietrade]

Maybe they've found gold - or uranium - or great heaps of ?????????????????

[OutToLunch]

"Week Ending 15th June 2008. Tunnel standing while concrete work completed in pit bottom and while changing over to flame proof equipment."

Perhaps this work has been completed now and tunnelling is set to resume.

No real point in speculating until we see the press release. :)

[RossT]

Feels a bit ominous, though if it was something catastrophic I'm sure it would already be in the news. Hopefully it's only a setback at worst (eg., worse than expected conditions at the fault and resulting slow progress).

Or maybe they've found a second coal seam! :rolleyes:

Well there are 2 seams there already so maybe a third?

The way the share price went last week it's more than possible, with the amount of people in the know at "the coal face" that the progress has been far better than expected and Prc wanted to hit the public with a single "post fault" ann.

I can't really see it being anything too negative. Like you say, anything too catastrophic would just have been too hard to keep quiet and the sp would have shown this.

[sideline]

Feels a bit ominous, though if it was something catastrophic I'm sure it would already be in the news. Hopefully it's only a setback at worst (eg., worse than expected conditions at the fault and resulting slow progress).

Or maybe they've found a second coal seam! :rolleyes:

How about GOLD???

[QOH]

Maybe they are just waiting to make a big announcement to coincide with being listed on the NZX50.

[zigzag]

WITH MAJOR SHARE HOLDERS BEING INDIAN MAY BE --CURRY@ RICE PATCH:D:D:)

Nice one Malc. You sure have a way with words!

[Footsie]

Ol King Coal

new highs

[zorba]

.

Opens the day up 17 cents to 250 cents !!

Fly PIke ..... Fly NZOG

While all around crashes back to earth !!!!

[Mysterybox]

it just.. wont.. stop.. PRC !!!
so close to one bagger..

[trackers]

Geeez, its on fire..... Unfortunately not holding (though was at the IPO LOL) but have 1/3 exposure through NZO, which will have to do

[Mysterybox]

http://img78.imageshack.us/img78/613/pikelolxe1.jpg

lol.. they didnt see it coming.

[RossT]

http://img78.imageshack.us/img78/613/pikelolxe1.jpg

lol.. they didnt see it coming.


An amazing run with the price alright, with alot of very bullish sentiment. Just hope the reality of the black stuff coming out of the ground matches the current mood or the rollercoaster could come down alot quicker than it went up. Really wanting some news out of Pike today.....

[upside_umop]

PRC
30/06/2008
MINE

REL: 1113 HRS Pike River Coal Limited

MINE: PRC: Pike River Mine Development Update

PIKE RIVER (PRC) MINE DEVELOPMENT UPDATE

Pike River Coal Limited (Pike River) has rescheduled tunnelling to meet
safety and construction requirements and it says there will be no delay to
its production target of 200,000 tonnes of hard coking coal by June 2009.

Tunnelling is now scheduled to resume on 10 July to begin the final 215 metre
drive to the Brunner coal seam, including cutting through the Hawera fault.
Due to the rescheduling, the tunnel is now expected to intersect the coal
seam on or around the end of August 2008.

Pike River has brought forward some of the underground pit bottom
infrastructural works so they are completed with standard equipment prior to
advancing through the fault. This has both safety and efficiency advantages,
but has delayed the tunnel advance by two weeks. Completing many of the
tasks previously scheduled for after the tunnel reaches coal will minimise
stoppages once the roadheader (mining machine) commences operations.

Once the tunnel passes through the Hawera fault, expectations of methane
(albeit minimal and within approved safe operating limits) associated with
the fault zone and the coal measures to the west will require that
flameproof, specialist equipment be used. Following further risk assessments
and consultation with the Department of Labour, Pike River now believes that
once through the fault zone (approximately 50 metres in length), it is more
likely the roadheader unit will be required to complete the remaining tunnel,
rather than being able to revert to the faster conventional jumbo machine.
The conventional jumbo is the most efficient machine to use in the tunnel but
is not able to be used where there is methane or the likelihood of methane,
so daily advance rates through to the coal seam will be slightly reduced.
Some of the delay to first coal is caused by reshuffling the timing of
certain pit bottom works, and there is no impact on the expected coal
production of 200,000 tonnes in the period ending 30 June 2009.

Chief Executive Gordon Ward says "The final drive to coal is imminent and the
anticipation surrounding the first coal extraction from our new mine is
building".

Since 30 May 2008 an extensive amount of concrete and construction works have
been completed at pit bottom, east of the Hawera fault. These works included
installation of the two high voltage and fibre optic cables through the
tunnel and completion of the slurry and return water pipelines in the tunnel.
To date in the pit bottom area, 590 cubic metres of structural concrete and a
further 170 cubic metres of non-structural concrete has been poured.

Other mine development activities are progressing well, the Coal Preparation
Plant is due for completion in July 2008, the slurry pipeline is essentially
complete and the first continuous miner is due for delivery to site in late
August 2008. Work has commenced on the train load out facilities at Ikamatua
with civil construction well underway. Recruitment activities to support the
planned production activities have also been very successful with a further
28 staff now employed, taking the workforce to 60.

Pike River has updated the development and mining schedule, which will
include: pit bottom development on the west side of the Hawera fault with the
roadheader during the first 4-5 months; the continuous miners commencing
roadway development in coal in late 2008; and first hydro monitor coal
production in June 2009. The production forecast is for the mine to produce
100,000 tonnes of saleable coal by 31 March 2009 and a further 100,000 tonnes
in the following quarter ended 30 June 2009 with hydro-mining boosting output
in that quarter.

[Mysterybox]

Hmm just as expected, delayed till end of Aug, resuming 10th July. This may effect the SP of weak investors but am not concerned, putting safety first and still remaining on track with the June'09 load. :) could be a lot worse news.

[RossT]

Well there's definitely more going on than they are saying. They could have quite simply told of rescheduling more pit bottom work in weekly tunnel progress previously. Already been 3 weeks and now tunnelling in the fault not due to start for another 1.5 weeks ( 10 July ).

It can be common practice to core drill investigative holes forward from the tunnel face to evaluate ground conditions at periodic or important points in the tunnel. Would not be surprised if this was done about 3 weeks ago and ground conditions in the fault may have been found to be worse than expected so other works were undertaken while ( for instance ) more steel sets were ordered and made in readiness to be stood in the fault.

[RossT]

Bottom line - 13 June to 10 July = No progress made in getting any closer to the coal. First coal delayed.

[The BOWMAN]

Who else has a bad feeling about this? Good news should come out on shedule. No need to break the routine if nothing went wrong.

So it is bad news after all but share prices fly off regardless. Funds adjust holding? Surely there will be some adjustment soon for a trading opportunity. But it is just so hard to predict and the safer way seems always to be "keep holding".

[COLIN]

So it is bad news after all but share prices fly off regardless. Funds adjust holding? Surely there will be some adjustment soon for a trading opportunity. But it is just so hard to predict and the safer way seems always to be "keep holding".

I am totally relaxed about this. Sounds most prudent, to me. OSH people will be insisting on the most extreme caution, and who can blame them. PRC is acting completely responsibly and, at the same time, they are re-scheduling other work to take advantage of the window provided by the change in tunnelling procedures. Its the end goal that counts, and still on target for that 200,000 tonnes by end June next (100,000 tonnes by end March).

[Rabbi]

The market will not necessarily regard these delays as "bad news", but just part and parcel of what can happen when you are developing a coal mine. The co. have been pretty forthright about what is happening, and what is going to happen, and has reassured the market that actual coal production will nor be delayed.

In this game, no news is bad news, as it indicates a co. that does not keep its shareholders informed.

A good, detailed, comprehensive announcement, in my opinion.

Onward and upward for Pike! :)

[Mysterybox]

I am totally relaxed about this. Sounds most prudent, to me. OSH people will be insisting on the most extreme caution, and who can blame them. PRC is acting completely responsibly and, at the same time, they are re-scheduling other work to take advantage of the window provided by the change in tunnelling procedures. Its the end goal that counts, and still on target for that 200,000 tonnes by end June next (100,000 tonnes by end March).

Absolutely agree, my thoughts exactly. Thanks COLIN.

[Footsie]

a clear sign of a bull market in full force

rallies on bad news.... hahaha


Congitive dissonance if ever i saw it

[bermuda]

yes i was right on the button-- the suprise to me is the SP MOVEMENT- allso helping nog;)

This news today was very very good. It told the market that everything is AOK with PRC.

And Aussie analysts are starting to realise this PRC is for real.

[RossT]

This news today was very very good. It told the market that everything is AOK with PRC.

I totally disagree. We get to the fault and for some reason forward progress stops for a month ( 13 June- 10 July ) for what reason?

The ann says " after further risk assessment, and consultation with Dept of Labour"

Translation = RISK HAS SOMEHOW INCREASED..... WHY !!??

They have known about the fault, the gas etc from day one so..

WHAT HAS INCREASED IN THE RISK ASSESSMENT ?!

Are we to loose a month here and there for no apparent specific reason and not be updated about it for 3 weeks?

[RossT]

This part of the ann particularly intrigues me -

"Following further risk assessments
and consultation with the Department of Labour, Pike River now believes that
once through the fault zone (approximately 50 metres in length), it is more
likely the roadheader unit will be required to complete the remaining tunnel,
rather than being able to revert to the faster conventional jumbo machine.
The conventional jumbo is the most efficient machine to use in the tunnel but
is not able to be used where there is methane or the likelihood of methane,
so daily advance rates through to the coal seam will be slightly reduced."

The plan was always for the roadheader to go all the way to the coal from the start of the fault. They were never going to roadheader the fault and then go back to drill and blast with a jumbo once thru the fault !!!!!!!! But now they say taking the roadheader to the coal is something new and therefore needing more time. ABSURD.

[bermuda]

I totally disagree. We get to the fault and for some reason forward progress stops for a month ( 13 June- 10 July ) for what reason?

The ann says " after further risk assessment, and consultation with Dept of Labour"

Translation = RISK HAS SOMEHOW INCREASED..... WHY !!??

They have known about the fault, the gas etc from day one so..

WHAT HAS INCREASED IN THE RISK ASSESSMENT ?!

Are we to loose a month here and there for no apparent specific reason and not be updated about it for 3 weeks?

Today's announcement told a few people that this project is on track to deliver.

Either that or they are telling porkies. I think, and the market thinks, they are telling the truth.

Once the Aussie analysts start taking a look, this will fly.

[AMR]

RossT,

Today we had 4.4 million shares traded, an all time high for volume. I'm sure these institutions who are buying in now have done an absolute tonne of research on the company before buying in and are sure about it.

[biker]

RossT,

Today we had 4.4 million shares traded, an all time high for volume. I'm sure these institutions who are buying in now have done an absolute tonne of research on the company before buying in and are sure about it.


AMR, I dont want to knock this share but sheesh, have another Tui's.

Also, for those eager purchasers at these levels, bear in mind PRC now has a market capitalisation of over $650million and they are at least a month away, (and probably the riskiest tunnelling month of the entire tunnel) from any coal at all and the share price is starting to build in a perfect development/pricing senario. IMHO a little caution may be in order because this is looking like momentum buying and that can take on a life of its own.

[upside_umop]

AMR, I dont want to knock this share but sheesh, have another Tui's.

Also, for those eager purchasers at these levels, bear in mind PRC now has a market capitalisation of over $650million and they are at least a month away, (and probably the riskiest tunnelling month of the entire tunnel) from any coal at all and the share price is starting to build in a perfect development/pricing senario. IMHO a little caution may be in order because this is looking like momentum buying and that can take on a life of its own.

yeah your right, footsie was onto it earlier on...its became the darling and will run hard.

its hard to believe its up this high when brokers are saying a DCF of around 1.50 etc...they will be putting a sell recommendation at this price....unless there has been a fundamental shift in demand in coking coal that will keep it at $300 and that everyone is thinking this. nzd is dropping which is helping, but still...a lot of unknowns. if i see $3, which i think we will with this sort of carry on, i will be thinking of unloading....

[RossT]

[B]TUNNELLING 101/B]

I'm going to recap the point I'm TRYING to make. The 30 may ann clearly says that advance drilling into the fault showed methane. Therefore the tunnel becomes a mine and appropriate measures are taken ( change over to flame proof equip ) at the beginning of roadheading into the fault. All good so far. Once it's a mine, it's a mine, no longer a tunnel. METHANE, no changing back.

BUT, if you read the part of todays ann in my post #2451 that I pasted they now say that further risk investigation shows they NOW can't use the jumbo ( = boomer, it's for drilling blast holes ) again after going thru the fault with the roadheader, so this is going to be a new cause of slower going to the coal.

It wasn't going to happen anyway! You can't, and they never were, going to go back to drill and blast after the fault, it's a bloody coal mine with methane !!!!!!!! DUH

So why is todays ann implying something that was never going to happen anyway is a reason for a new slow rate of progress to the coal, and STILL not be specific as to the reason for the new level of risk that has seen the face unprogressed for a month!!!!!!!!

And yes AMR big volume today as the funds align with the index, but I bet not one of their traders would know the **** end of a Boomer, a Jumbo, an airleg or a roadheader or anything else in a tunnel, from the other end, so would not know a thing about what I am alluding to about specifics in the tunnel.

I've worked in a few tunnels, if you loose a month theres a REASON.
A new reason.

[Chalice]

[QUOTE=RossT;209847][B]TUNNELLING 101/B]

I'm going to recap the point I'm TRYING to make. The 30 may ann clearly says that advance drilling into the fault showed methane. Therefore the tunnel becomes a mine and appropriate measures are taken ( change over to flame proof equip ) at the beginning of roadheading into the fault. All good so far. Once it's a mine, it's a mine, no longer a tunnel. METHANE, no changing back.

BUT, if you read the part of todays ann in my post #2451 that I pasted they now say that further risk investigation shows they NOW can't use the jumbo ( = boomer, it's for drilling blast holes ) again after going thru the fault with the roadheader, so this is going to be a new cause of slower going to the coal.

It wasn't going to happen anyway! You can't, and they never were, going to go back to drill and blast after the fault, it's a bloody coal mine with methane !!!!!!!! DUH

So why is todays ann implying something that was never going to happen anyway is a reason for a new slow rate of progress to the coal, and STILL not be specific as to the reason for the new level of risk that has seen the face unprogressed for a month!!!!!!!!

And yes AMR big volume today as the funds align with the index, but I bet not one of their traders would know the **** end of a Boomer, a Jumbo, an airleg or a roadheader or anything else in a tunnel, from the other end, so would not know a thing about what I am alluding to about specifics in the tunnel.

----

Thanks for the expert opinion Ross, I think the most pertinat point of the announcement is "there is no impact on the expected coal production of 200,000 tonnes in the period ending 30 June 2009."

If this proves to be true - and you'd expect PRC to be on the ball - who cares about Boomers, OSH, Jumbos etc -that is operational management.

It's about delivering results on time - who cares what divergence from planned actions they must implement to get the result?

[bermuda]

yeah your right, footsie was onto it earlier on...its became the darling and will run hard.

its hard to believe its up this high when brokers are saying a DCF of around 1.50 etc...they will be putting a sell recommendation at this price....unless there has been a fundamental shift in demand in coking coal that will keep it at $300 and that everyone is thinking this. nzd is dropping which is helping, but still...a lot of unknowns. if i see $3, which i think we will with this sort of carry on, i will be thinking of unloading....


Upside,
There is a lot of upside in this one.

Google around and see where steel is at the moment. And then have a look at coking coal.

Forget the brokers. They make you go broke. Dont rely on them. Think it through yourself.

It is not their fault. They have too many other things to think about.

[upside_umop]

hey super b,

yeah i know there is a heap of demand on steel, and thus coking coal with their being a shortage of supply (from many factors..wheres basetrader been? hes helpful) which has created this perfect storm (for us)

i will definately do a bit more research - uni holidays! i do see PPP as a safer haven which could double in the next year or at least have more upside. i dont quite see $5 on prc thats all...this big volume is encouraging however.

[RossT]

Correction


In my previous post I said the tunnel face would not have progressed for a month by the time they start into the fault on the 10th July.

The chainage they are at, at the moment 2085m, was actually reached on the 30th May, so starting on the fault on 10th July means the face will have been unprogressed for 6 weeks. Todays ann just does not explain or justify this.

[dsurf]

I think you guys need to chill regarding conspiracies on the tunnel - yes OSH will be as painful as possible - however this mine is already 6 months late (some would say 6 years) and the share price has gone up 150% since ipo.

no snails
can hire people
no double carrying
recession yes & coal tripled
transport approved
fully funded in middle of cash crisis (a small vote of confidence!)

Look at the big picture please - this will be taken over or go to $5 withing 18 months

[bull....]

I alluded a while back Rosst to the fact that mines contain all sort of unknown problems which can occur as they progress.
I think this announcement is one of those problems but not a big issue yet , unless other announcement comes out about another delay to progress then I would become cautious.

[Footsie]

Just stick a canary down there !!! see what happens


any of you lot buy CDS? up another 50% since i last mentioned it

[zorba]

.
Did not PRC announce a little while back that they were halting the tunnel at the fault in order to complete the Pit Bottom area using non-flame proofed equipment.

A lot of work has gone into the Pit Bottom area, and doing it with standard equipment is a huge advantage over getting all operations flame proofed.

They have been installing heaps of electrical equipment and connecting circuits and testing it all etc. Always a chance of a few sparks and short circuits, so being able to do all this with out risk of setting the mine on fire, and run all their gear and trucks in a non-flame proofed mode, is good tactics.

Everything changes once they penetrate the fault.

Z

.

[zorba]

.
Footsie

"The wise ones bet heavily when the world offers them that opportunity. They bet big when they have the odds. And the rest of the time they don't. Its just that simple!
Charlie Munger."

Right now the odds are stacked heavily in favour of PRC.

They (the smart money) is betting big they have the odds.

Time will tell.

In the meantime I trust you read the McDu Stu sector report on coking coal and the comparison of PRC with other Aussie coal miners.

Z

.

[Hoop]

.
Did not PRC announce a little while back that they were halting the tunnel at the fault in order to complete the Pit Bottom area using non-flame proofed equipment.

A lot of work has gone into the Pit Bottom area, and doing it with standard equipment is a huge advantage over getting all operations flame proofed.

They have been installing heaps of electrical equipment and connecting circuits and testing it all etc. Always a chance of a few sparks and short circuits, so being able to do all this with out risk of setting the mine on fire, and run all their gear and trucks in a non-flame proofed mode, is good tactics.

Everything changes once they penetrate the fault.

Z

.
Agree ....Thats how I understood it as well.
Mr Market agrees with you too :).

Everything changes once they penetrate the fault.....yep...Foostie's pet canary dies.:(

[Footsie]

not surpised to see PRC having a breather

But i thought the index funds were buying today>?
or are they allowed to start prior to July 1?

[CAM]

AUSTRALIA'S biggest iron ore exporter, Rio Tinto, has secured price gains of up to 96.5 per cent on Asian iron ore contracts and rival BHP Billiton is expected to soon follow suit.

http://www.theaustralian.news.com.au/story/0,,23955684-643,00.html?from=public_rss

[The BOWMAN]

AUSTRALIA'S biggest iron ore exporter, Rio Tinto, has secured price gains of up to 96.5 per cent on Asian iron ore contracts and rival BHP Billiton is expected to soon follow suit.

http://www.theaustralian.news.com.au/story/0,,23955684-643,00.html?from=public_rss

When I read this, I wonder whether that is going to impact the steel industry and less steel will be produced, which results in less coking coal demand. Anyone else feeling the same?

In terms of delay, if I am not worng, I think Tui oil field has been delayed many times to get to the production stage yet still a very successful operation. I agree we need to be cautious. But the one month delay itself doesn't mean much without further details. I wish I could go to the site and ask the workers.

[Unicorn]

In terms of delay, if I am not worng, I think Tui oil field has been delayed many times to get to the production stage yet still a very successful operation.

I think you are quite wrong. I am only aware of one delay, of one month, in the Tui project. That is quite a remarkable achievement for such a fast tracked project.

[tim23]

Whats a short delay over a long term project, nothing really, doesn't worry me as a holder

[RossT]

Still 215 meters form the coal

After all the expectation and hoop-la at reaching the fault weeks ago and the thought that first coal was imminent, we waited eagerly for tunnel updates as we assumed they worked away at the fault only to find now we are still 215 meters from the coal, with the worst part of the tunnel still to come. Of course there has been some sort of problem, what worries me is "Have they yet found a solution to it?"

The ventilation shaft - In 12 days we are exactly half way thru the alloted time period ( April May June July August September October ) for the construction of the shaft. How is progress on this $5,000,000 part of the project going at the half way point? Anyone heard? Did I miss the mention of this in the Ann? Not forgeting that the raise bore remur cannot even begin to excavate the shaft until the main tunnel is thru underneath it as it gets mucked out from the bottom, and the tunnel has to be there to get the remur there in the first place ( Figs 2, 3, Ventilation shaft ann, 02-04-08 PRC website)

This shaft is in my opinion a bigger job than the fault. At 4.15m diameter, 108m deep it's more than 40 meters deeper than the one we had at Manapouri ( 2MTT ).

Specific information is very much lacking from PRC. Will we still be hearing at xmas that "pit bottoms works are continuing well" ? Specifics about the fault and the shaft please PRC.....

[croesus]

Thats a worry, I never realised we had over 200 metres...........anybody know if there really is a problem.......... I will be very dissallusioned with PRC if there has been a cover up.. because of the NZOG option capital raising.

[Sehnsucht888]

If there was a serious problem they would be required to disclose it. If they thought people could tkae advantage of inside information and sell out before it fully came out, I would expect a trading halt would be required.

They have been pretty clear in the reasons for a change around, and I would think be in breach of the NZX rules if they stated untruths as to the reasons for the changes.

You seem pretty adament of a problem RossT - and seem to be pushing an angle with no public information as background...

A 2 week delay in the tunneling doesn't seem much. This is on top of the inital stoppage to tunneling to complete the pit floor making progress seem even more slower.

Bottom line is they are confident that they can change the order of certain tasks and still achieve the same outcome: "Some of the delay to first coal is caused by reshuffling the timing of
certain pit bottom works, and there is no impact on the expected coal production of 200,000 tonnes in the period ending 30 June 2009."

This must mean that the tunnel itself is not the critical path on the project plan. Despite being required to get the coal out, there are a lot of other aspects of the project also required to get the coal from the coal face to the ships.

Unless you know more than you are stating?
Or just missed the cheapies?

[tim23]

Thats a worry, I never realised we had over 200 metres...........anybody know if there really is a problem.......... I will be very dissallusioned with PRC if there has been a cover up.. because of the NZOG option capital raising.

Croesus - I think you are a little paranoid, like the poster above said disclosure req'd

[Nitaa]

Still 215 meters form the coal

After all the expectation and hoop-la at reaching the fault weeks ago and the thought that first coal was imminent, we waited eagerly for tunnel updates as we assumed they worked away at the fault only to find now we are still 215 meters from the coal, with the worst part of the tunnel still to come. Of course there has been some sort of problem, what worries me is "Have they yet found a solution to it?"

The ventilation shaft - In 12 days we are exactly half way thru the alloted time period ( April May June July August September October ) for the construction of the shaft. How is progress on this $5,000,000 part of the project going at the half way point? Anyone heard? Did I miss the mention of this in the Ann? Not forgeting that the raise bore remur cannot even begin to excavate the shaft until the main tunnel is thru underneath it as it gets mucked out from the bottom, and the tunnel has to be there to get the remur there in the first place ( Figs 2, 3, Ventilation shaft ann, 02-04-08 PRC website)

This shaft is in my opinion a bigger job than the fault. At 4.15m diameter, 108m deep it's more than 40 meters deeper than the one we had at Manapouri ( 2MTT ).

Specific information is very much lacking from PRC. Will we still be hearing at xmas that "pit bottoms works are continuing well" ? Specifics about the fault and the shaft please PRC.....215 metres. thats about a 3 to 4 iron depending on atmospheric conditions. Not too far to go.

Any bets on when NZO sell their stake in PRC?

[Nitaa]

Remember PRC was meant to go ahead about 8 years ago. NZO have certainly overpromised and underdelivered in the past. That is until at least this year. What we have seen is the magnitude of bringing the mine to production. Kudos to the invesntors and nzo for their dogged determination to bring it to where it is now.

discl. hold prc indireclty through my lovely aquired new shares of nzo

[Rabbi]

Pike is lead by Gordon Ward, who has a great reputation , as an astute, no nonsense straight-shooter. To some extent, Pike river is his baby and accordingly, he would have a personal interest in seeing this project through to the exciting denouement of first coal.

It appears that Ward is prepared to go the hard route, and not spare any expense, in the interests of mine safety and is uncompromising in this regard.

I am quite happy to see progress on the tunnel held up for a few weeks, if it means no corners are cut and future production is not stalled by safety issues. The market should be reassured, that the Pike management team are leaving no stone unturned on the pathway to first coal.

[croesus]

Well Tim 23.. I make no apologies for being cynical at times, " Paranoid " you call me... hmmn thats a bit over the top.... lets just see what happens eh.... though I was accused of Paranoia.. in jest by a mate.. when I told him I would'nt trust Bridgecorp, Dorchestor, Blue Chip.. or dodgy Kevin.... with my lunch money.. let alone my life savings.... he owes me a beer , I reckon.

Hopefully, for all us investors.. this delay.. at Pike.. is no big deal.. hopefully.

Croesus.

[tim23]

A bit different I think - how about suspicious instead of paranoid? Either way I think your fears are unfounded

[bermuda]

When I read this, I wonder whether that is going to impact the steel industry and less steel will be produced, which results in less coking coal demand. Anyone else feeling the same?

In terms of delay, if I am not worng, I think Tui oil field has been delayed many times to get to the production stage yet still a very successful operation. I agree we need to be cautious. But the one month delay itself doesn't mean much without further details. I wish I could go to the site and ask the workers.

The Bowman,
Steel mills are closing dispite rising steel demand. If you cant get coking coal you cant operate.

That is why coking coal goes higher.

Turn the equation the other way and you will see why PRC is set to fly.

[Hoop]

Quote:
Originally Posted by The BOWMAN http://www.sharetrader.co.nz/images/buttons/viewpost.gif (http://www.sharetrader.co.nz/showthread.php?p=210068#post210068)
When I read this, I wonder whether that is going to impact the steel industry and less steel will be produced, which results in less coking coal demand. Anyone else feeling the same?

In terms of delay, if I am not worng, I think Tui oil field has been delayed many times to get to the production stage yet still a very successful operation. I agree we need to be cautious. But the one month delay itself doesn't mean much without further details. I wish I could go to the site and ask the workers.

Bermuda quote...
The Bowman,
Steel mills are closing dispite rising steel demand. If you cant get coking coal you cant operate.

That is why coking coal goes higher.

Turn the equation the other way and you will see why PRC is set to fly.

Bowman
Steel mill companies are buying up coal mines to guarantee their supply...these actions reinforce the view that what we are experiencing now is going to last for some considerable time.

[Xerof]

Any bets on when NZO sell their stake in PRC?

Late 2009

This is probably the "sweet spot" for them, as by then PRC should have proven up their production potential of 1 mtpa

Right now NZO have no pressing need for the money...LOL...so why should they be keen sellers any sooner?

Unless an aggressively priced T/O offer comes in earlier of course.....

Edit: I should add that my view coincides with the view recently published by John Kidd, McD/Stuart

[dumbass]

hey xerof , you not trading forex any more , havent seen any posts for ages

my have to start calling you SEITIUQE

[bull....]

big sell off , someone wants out quick , no buyers in sight

[Dr_Who]

big sell off , someone wants out quick , no buyers in sight


Indexing finished and funds have stopped buying?

[mondograss]

Yeah 11,000 shares on avg vol of 669,000. Real big.

[bull....]

mondograss - big meaning price

[OutToLunch]

Selling for reasons not specific to PRC I would expect -- check out the wider market and the fact that commodities got hit overnight in the US. Though one has to wonder if commodities are going to take a longer term hit too before too long as the global economy tanks thanks to high oil prices and financial constraints... hopefully not before PRC secure some longish term contracts at good prices.

[Base Trader]

US Steel stocks hammered (off 5&#37;-10%) following fears that auto demand will lower steel demand.

This sell off on PRC will not last but all investments have increased in risks as we may be looking at longer periods recession leading to lower growth.

[Hoop]

Hmmm nasty surprise:( down 9.5%
Whats worse I don't know why?
Anyone out there know??

Article by "bob each way" NBR Mitchell Hill (http://www.sharetrader.co.nz/Pike River Coal worth a punt)wouldn't been the catalyst? surely.

[upside_umop]

Shares in Pike River Coal tumbled over 6 per cent this morning following big falls in international coal prices overnight.

Pike River shares fell 15 cents, or 6.25 per cent, to $2.25.

Shares in global coal mining companies tumbled overnight after coal prices fell in what traders said was a long-awaited market correction.

Analysts said the benchmark European price dropped from around $US225 ($NZ300) per tonne to below $US200, which in turn dragged down US prices by as much as $US20.

London's API2 coal swaps plunged by as much as $US24, a fall unprecedented in the past five years of OTC swaps trading. The market experienced a violent correction with swaps falling sharply minute by minute, traders said.

The correction was long overdue, traders said, because prices have risen sharply and steadily for the past few weeks. Prices stabilized around $US2 below physical levels at the close in London.

The Dow Jones coal index was down 13.83 percent in New York on Wednesday afternoon.

"We have been waiting for a correction for months," Calyon Securities coal industry analyst Gordon Howald said, adding that some US coal company stocks have risen between 40 percent and 60 percent since May 1.

"It's a correction and not a big deal," he said. "Nothing has changed in the global coal picture."

Howald said that what prompted Wednesday's correction was the refusal by some Asian utilities to pay $US220 per tonne for steam coal, which was selling for $US170 last week. "So it corrected down to $US200."

Jeremy Sussman, a coal industry analyst with Natixis Bleichroeder, said US coal producers have been signing contracts "at very good numbers, well into the triple digits, but the stocks don't reflect that.

"We are telling people now is a good time to buy."

Frederic Ruffy, options strategist at Web information site WhatsTrading.com, said the whole sector was moving lower on the price correction.

Options were active in Consol Energy , Arch Coal , Massey Energy and other coal stocks, he said.

Sentiment was mixed but some players were using the decline in the sector as an opportunity to enter bullish option trades after a long awaited pullback.

"With the price of coal dropping, most of the coal stocks are under major pressure today," said William Lefkowitz, options strategist at brokerage firm vFinance

Miners were the top losers in London, with BHP Billiton , Rio Tinto and Anglo American all falling about 4.4 percent.

On the New York Stock Exchange, Arch Coal closed down 17.2 percent at $US62.21, Consol dropped 14.6 percent to $US95.57, Massey fell 18.9 percent to $US74.87 and Peabody Energy was down 9.3 percent at $US77.90.

- with Reuters

[Hoop]

US Steel stocks hammered (off 5&#37;-10%) following fears that auto demand will lower steel demand.

This sell off on PRC will not last but all investments have increased in risks as we may be looking at longer periods recession leading to lower growth.

Thanks umop ..It sounds like a wobble
Just bought some more at $2.19
If the news turns out bad I guess Mrs Hoop won't be cooking me tea tonight....

[Mysterybox]

Any suggestions on how low we might see PRC go?

Retracement + External problems + (hopefully not Internal problems) ;\ ?

Seems a good time to buy.

[Grand Uber]

Chart just looks like its doing the same thing its always done, shoots up, then corrects, shoots up then corrects

quickly everybody sell!!! :D

[AMR]

http://www.sharetrader.co.nz/picture.php?albumid=5&pictureid=25

Older chart, but you can see where the support trendline is (around 213 today). Great move by the posters who sold at the 240 mark, on the resistance line. The downwards volume today is unremarkable.

[Base Trader]

This is a reaction to lower coal stocks and weakness in US Steel producers by equities markets. Coking Coal (esp HCC) is a different commodity to European API which came off so hard yesterday and is very short in supply.

The realisation that demand may not remain robust is gathering pace. But I would remind posters that HCC and PRC has valued on a supply issues so this will not affect 2009 HCC prices in my opinion. The issue is that uncertainty increases and with prices at historic highs this implies downside to HCC prices over the medium term. But I am not selling yet. there is blood everywhere and selling under this emotional gaze is probably not that smart as economics for PRC have not changed since last week.

[Robomo]

Sorry to rain on the parade but Scotiabank in Canada predicts a reduction to $200 for hard coking coal next year, at least according to this article in Mineweb. Also some interesting predcitions on other metals.

http://www.mineweb.com/mineweb/view/mineweb/en/page67?oid=54345&sn=Detail

4 weeks ago Scotiabank in Canada were talking $200 a tonne for HCC. Now National Australia Bank are saying they expect prices to ease $30 to US$285 per tonne 2009 - 2010 (from US$315 - where did that come from, all I've seen is contracts for $300?). Anyway, the medium term outlook for the next 2 years looks good for sustained high prices for HCC.
http://www.theaustralian.news.com.au/story/0,25197,23965619-5005200,00.html

Any forecasts on what dividend PRC are likely to pay once into full production with prices at $285 - $300 per tonne?

[AMR]

Is Coal a 4-Letter Word?

By Rich Duprey July 3, 2008 Comments (0) (http://www.fool.com/investing/small-cap/2008/07/03/is-coal-a-four-letter-word.aspx#commentsBoxAnchor)
1 Recommendation

Is coal a dirty word again? If you look at the coal sector's performance yesterday -- from the price of coal, to the coal companies themselves, and even to miners in general -- anyone associated with the industry got covered in soot.
The Dow Jones U.S. Coal Index tumbled 14% yesterday, leaving investors who hold coal stocks perhaps feeling like canaries in a coal mine (http://www.fool.com/investing/international/2008/07/03/investors-canaries-in-a-coal-mine.aspx) -- wondering whether they should take flight.
Mammoth Peabody Energy (NYSE: BTU (http://caps.fool.com/Ticker/BTU.aspx)) fell 9%. Fording Canadian Coal (NYSE: FDG (http://caps.fool.com/Ticker/FDG.aspx)) -- which has a majority stake in the world's second-largest exporter of metallurgical coal, Elk Valley Coal partnership -- saw its shares decline by 16% yesterday. Walter Industries (NYSE: WLT (http://caps.fool.com/Ticker/WLT.aspx)), which had been trading near its record highs of $110 a share, plummeted 19%, making it one of the worst-performing stocks in the market.
The factors that have driven coal prices up, though, haven't changed. With oil prices hitting new highs seemingly every day -- Hey! How about a correction in oil for once? -- demand for cheaper alternatives are being sought, and low-grade thermal coal is one answer. Moreover, demand remains high (http://www.fool.com/investing/dividends-income/2008/04/08/higher-prices-going-global.aspx) for metallurgical (or coking) coal, which is used in the production of aluminum and steel. With the economies of China and India reliant on both kinds to fuel their growth, there's little doubt that coal, like oil, will remain dearly priced -- even after this correction.
Coal is responsible for 40% of the world's energy needs, while places like India rely upon coal for nearly 70% of their energy supply. China counts on coal for 78% of its supply, and the country accounts for one-quarter of the world's coal consumption. Natural and manmade influences have also affected supply.
South Africa's power grid outages earlier this year, coupled with floods there, in Australia, and even here in the Midwest, have served to reduce supplies. Meanwhile, the Chinese government is forcing miners like Yanzhou Coal Mining (NYSE: YZC (http://caps.fool.com/Ticker/YZC.aspx)) to increase production but lower prices.
While Arch Coal (NYSE: ACI (http://caps.fool.com/Ticker/ACI.aspx)) was one of those coal stocks dropping yesterday, down some 17%, the long-term prognosis for these companies looks promising. While they might slide some more in the short term, the chopping that Arch, Walter, and Massey Energy (NYSE: MEE (http://caps.fool.com/Ticker/MEE.aspx)) took yesterday should be viewed as an opportunity to get in on these strong companies that have suddenly become a lot cheaper.
Major demographic trends point to coal's continued ascendancy. It might pay off to dig in with both hands and get your fingernails dirty.

[Billy Boy]

http://www.oilweek.com/news.asp?ID=17141
BB

[Hoop]

Another article from Motley Fool explains this Coal market correction well.




Are Investors Canaries in a Coal Mine?

By Christopher Barker July 3, 2008


Yesterday's brutal correction among coal and steel stocks blindsided investors just as strong supply/demand fundamentals (http://www.fool.com/investing/general/2008/05/30/joys-growth-is-global-sized.aspx) and strategic acquisitions (http://www.fool.com/investing/dividends-income/2008/07/01/steelmakers-struggle-to-keep-coal-in-the-furnace.aspx) of coal assets were stoking interest in these sectors.

As Fools have come to expect based on prior observations of gold and silver (http://www.fool.com/investing/general/2008/05/05/gold-delivers-a-gut-check.aspx), corrections within long-term secular bull markets can come very suddenly and strike surprisingly deeply. Without so much as a warning shot, coal equities shot downward Wednesday by double-digit percentages. Patriot Coal (NYSE: PCX (http://caps.fool.com/Ticker/PCX.aspx?source=isssitthv0000001)) lost 15%. Alpha Natural Resources (NYSE: ANR (http://caps.fool.com/Ticker/ANR.aspx?source=isssitthv0000001))? Off 17% since Tuesday's close. Even the Van Eck Market Vectors Coal ETF (NYSE: KOL (http://caps.fool.com/Ticker/KOL.aspx?source=isssitthv0000001)) fell more than 10% on the day. The exchange-traded fund is finishing out the week down another 5% and beneath $50 per share.

Days like this highlight how crucial it is to maintain a Foolishly long-term view when investing according to guiding macroeconomic trends. Nothing changed overnight Tuesday to salve the global shortfall of coal, and no indications came to light regarding a revision of the expectations for growing demand for either coal or steel from emerging markets.

Therefore, I continue to believe a long-term bull market for coal remains fully intact.

Coal companies were not yesterday's sole victims. Shares of steel producers were also hammered, even though cheaper coal would ostensibly bolster their margins. Schnitzer Steel (Nasdaq: SCHN (http://caps.fool.com/Ticker/SCHN.aspx?source=isssitthv0000001)), which uses recycled metal to produce steel, gave up 17% despite having just beat analysts' expectations with its latest quarterly results (http://www.fool.com/investing/general/2008/07/02/more-snitches-from-schnitzer.aspx). Mechel (NYSE: MTL (http://caps.fool.com/Ticker/MTL.aspx?source=isssitthv0000001)) mines much of its own coal for some impressive vertical integration, but slid 13% yesterday anyway. ArcelorMittal (NYSE: MT (http://caps.fool.com/Ticker/MT.aspx?source=isssitthv0000001)) made headlines yet again (http://www.fool.com/investing/international/2008/05/16/arcelormittal-forges-ahead.aspx) when shares ceded more than 10% on the day.

While it may be tempting to assign all sorts of significance to various aspects of yesterday's sell-off, the Foolish bottom line is that a correction in coal was due after some unbelievable gains so far this year. Industry insiders have voiced expectations (http://www.fool.com/investing/general/2008/06/19/why-are-coal-stocks-burning.aspx) for supply deficits in coal lasting through 2010.

I believe coal mining shares are likely to rebound fairly swiftly, and I think the long-term outlook both for coal and vertically integrated steelmakers remains as bright as a fireworks display.

[Footsie]

When Oil goes it will take Coal and others with it

http://www.mg.co.za/article/2008-06-20-dotcom-crash-credit-crunch-oil-bubble


Fundamentally PRC might be fine as it has locked in contracts and it might look a screamiing buy, but if sentiment turns... who cares

Take a look at FBU... have they downgraded no..... whats happened? Sentiment has turned against them and their price has halved.

[the machine]

is anyone else having trouble with nzo thread

M

[777]

is anyone else having trouble with nzo thread

M

There is no thread.

[the machine]

There is no thread.


its back

m

[Taijon]

After hovering around $2.18 most of the day the SP has dropped in the last hour. The buy side is looking pretty weak. Perhaps some bad news is on the way or it may just be profit taking.

[bull....]

Think your find its peaked.

[AMR]

Phadreus, can you draw us an up-to-date trendline? I suspect it broke today.

[Footsie]

PRC getting smashed in Aussie... trading equivalant of 1.94!!!

Look out below for tomorrow.

[Phaedrus]

Yes, that's right AMR - if you are using a linear price scale. With a logarithmic price scale, though, the trendline was broken yesterday. The Slow Stochastic oscillator also triggered a Sell signal yesterday and today's 3.7% drop has carried PRC below its trailing stop and the 16 day moving average.

This is a fairly strong set of Sell signals.
http://h1.ripway.com/Phaedrus/PRC78.gif

[Nitaa]

PRC getting smashed in Aussie... trading equivalant of 1.94!!!

Look out below for tomorrow.I dont follow the trades often in this stock but your post made me look into it a bit today.

From around 1542 to 1550 the price dropped 15 cents with around 70,000 shares trading hands. Average trade only $3500. Given what is happening overnight we are likely to see further drop off in nz today. Apart from that i would take it as a grain of salt.

Yesterdays turnover on the nzx was considerably down on the past few weeks as well but still a respectable $1m plus by nz's standard.

[Drone]

If it drops to sub $2.00 today I'll be looking to get back in.. just not sure the trendline break is a "real" change in sentiment. but will be cautious of course.


From Allan Wood (The Press) -

Pike River Coal's shares have continued to retreat on investor profit-taking, after an initial drop on Wall Street coal stocks last week.


Shares in Pike River Coal (PRC) yesterday closed off 8c at 210c, with the company's one-month delay to reaching a coal seam target having been noted by analysts. They have fallen back from their recent all-time high of 245c.

But positive views still exist on future coking coal prices to be paid by Japanese steel makers, which have analysts bullish on PRC's share value ahead.

One analysis by investment bank and broker McDouall Stuart Securities puts substantial upside on the price of the West Coast-based miner.

This week's McDouall Stuart report by John Kidd has raised PRC's 12-month target price to 275c driven mainly by a further rerating of hard coking coal price projections based around negotiations that have been setting prices for the Japanese financial year to March 31, 2009.

Kidd said Australian's Xstrata was still negotiating on coal volumes at higher prices for the current year than had already been negotiated by some producers.

"Coking benchmarks remain strong, with continuing reports that Xstrata is seeking US$350 (NZ$470) a tonne for JFY09 (Japanese financial year to March 31, 2009) consignments, supported by recently high spot prices," Kidd said.

"Further out, consensus continues to push (benchmark) forward price projections upwards, particularly at the shorter end of the curve. An increasing number of commentators are expecting a JFY09 outcome at or above the JFY08 US$300/t result."

While prices for JFY08 were about three times the previous year, the rise had been because of constrained coal delivery. Steel mills had to pay the increases to secure product.

Grant Williamson, a director of Christchurch sharebroker Hamilton Hindin Greene, said there had been profit-taking on PRC shares since its recent peak, with investors having partly been convinced to take gains given that the sharemarket had lost substantial ground.

"Quite frankly, I think the share price has got a bit ahead of itself and we're now getting profit-takers up at these levels. I don't think there is anything more behind it than that," he said.

Last week PRC put back by a month the date it will reach its target coal seam.

The McDouall Stuart report also noted the delay was not expected to impact PRC's 2009 fiscal year production target.

A Citigroup Global Markets report said that in early 2008 coking coal prices had jumped to US$300 a tonne on short term events including flooding in Queensland.

But while the "perfect storm" had abated, the market was still rising with spot prices above $US380 a tonne, with Xstrata believed to have settled at US$360 a tonne for the year to March 31, 2009, Citigroup said.

[Footsie]

Thanks Phaedrus

how do you decide what % to use for your trailing stop? why 11%

[Grand Uber]

Its not great to see shares like this one dropping even though they have nothing but good news to announce, i guess a retracement and doom and gloom have just kicked off a panic slide

I pulled out at $2.30 and as soon as sentiment changes ill be jumping back on board.

[Mysterybox]

PRC
09/07/2008
MINE

REL: 0951 HRS Pike River Coal Limited

MINE: PRC: Pike River is 'Growing' Miners

PIKE RIVER (PRC) IS 'GROWING' MINERS

Pike River Coal Limited has now recruited more than 70 staff as it prepares
for first coal production on or around 31 August 2008.

"We have had considerable success in recruiting miners, electricians, and
fitters over the past couple of months" said Peter Whittall, General Manager,
Mines. "We have taken on board 6 deputies, 13 experienced miners, 6 trainee
miners and 8 tradesmen since March. Many are already on site with the
remainder starting during the next month. We have also employed three local
apprentices to develop more skills in the local area".

Pike River is running an active recruitment programme both domestically and
overseas with the result that skilled mining staff are being recruited from
New Zealand as well as offshore.

Mr Whittall said "Despite the tight domestic labour market, we have been able
to recruit a number of Kiwis into the mine with roughly one third being local
West Coasters. However, there are some specialist areas such as the
electrical trades where we have advertised around the country for 12
positions, but only had 2 applications. As a result, we have had to look to
recruit offshore with countries like South Africa and Australia proving to be
a good source for skilled mining positions where there are local shortages."

Mr Whittall continued "At current staffing levels we are more than adequately
prepared for the start of coal mining operations and we will continue to
recruit to support our scheduled production ramp-up to 200,000 tonnes for the
year ending 30 June 2009".

The Company will eventually employ 150 staff when full production starts in
mid-2009, with estimated downstream employment for at least another 450
locals providing support services.

This will make Pike River the fifth largest employer on the West Coast and
provide a substantial boost for the West Coast economy and local employment.
Within a year Pike River will be spending $30 million annually on labour,
transport, power and support services sourced from the West Coast.
End CA:00167215 For:PRC Type:MINE Time:2008-07-09:09:51:25


Latest PRC announcement

[Dr_Who]

All energy and commodity stock got hit in Aussie, including coal stocks. I dont expect any different today. Very nervous market out there. The brave may make good money. Doc is not so brave and will stay and watch.

The funds pushed PRC up to $2.40 for indexing and now the sp is coming back down again. One wonders why anyone would put their money with fund managers.

[RossT]

Re: Latest ann from PRC

Any word on progress on that $5,000,000 ventilation shaft yet?

Isn't the roadheader FINALLY due to start on the fault tomorrow?

Pit bottom works should be FINALLY finished (this time) ?

All this to ponder on, and yet PRC come out with a news release about "Growing miners"?

Share price tanking nicely at $2.00 as I write this and no wonder.

[Chalice]

Re: Latest ann from PRC

Any word on progress on that $5,000,000 ventilation shaft yet?

Isn't the roadheader FINALLY due to start on the fault tomorrow?

Pit bottom works should be FINALLY finished (this time) ?

All this to ponder on, and yet PRC come out with a news release about "Growing miners"?

Share price tanking nicely at $2.00 as I write this and no wonder.

"our scheduled production ramp-up to 200,000 tonnes for the year ending 30 June 2009"

Isn't this the most important objective - 200,000 tonnes for YE 30 June 09? If its delayed a few months but they achieve/exceed target who cares?
Not an easy project/industry to get timelines 100% accurate but atleast we now know they have the HR/HR processes in place to achieve this and then 1,000,000T/Yr....

BTW - Are you seriously blaming delays in announcements/updates on progress for the drop in share price? Have a look at what has happened to Coal/Oil on other markets over the past few days!

[Hoop]

Its not great to see shares like this one dropping even though they have nothing but good news to announce, i guess a retracement and doom and gloom have just kicked off a panic slide

I pulled out at $2.30 and as soon as sentiment changes ill be jumping back on board.

Until it starts producing coal this stock would still be classed as a momentum investment stock. As of late it has temporarily lost its momentum.

I'm also out... recited the the Zurich Axiom on Greed to Mrs Hoop and pushed the sell button........

[AMR]

Yes I'm out as well, booked a nice profit for now. I'm expecting it to consolidate a while.

[bob.not.a.builder]

I'm out too. 25% profit. Though it did take a while for the sell order to come through.

[Phaedrus]

How do you decide what % to use for your trailing stop? why 11%

All indicators (Trendline, Stochastic oscillator, Moving average, Trailing stop) are fitted to the earlier reaction lows of the uptrend. A trailing stop of less than 11% would have flicked you out in early June. In actual fact, up until then I had been using an 8% trailing stop with PRC. On 11/6/08 this was broken but as noted at the time, "the uptrend is still intact and none of the 6 indicators plotted here have triggered Sell signals" (Post #2332, page 156 of this thread). Clearly, then, an 8% trailing stop was too tight for this stock and out of synch with all other indicators. There were 4 options at that point.
(1) Act on the (unsupported) break of the trailing stop. (Sell at $1.85)
(2) Ignore the trailing stop.
(3) Dump it altogether.
(4) Reset it to 11% take into account the low of 11/6/08 and bring its sensitivity more into line with the other indicators.

To me, (4) is the most logical action.

[upside_umop]

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aW6lRpKOYOKc

[Robomo]

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aW6lRpKOYOKc

http://www.istockanalyst.com/article/viewarticle+articleid_2382099~title_Sell-Coal-Stocks!--The.html

[Mysterybox]

out.

66% on original buy
33% on retracement fill up

:D officially first trade completed :D

[Mysterybox]

ann:


PRC
10/07/2008
MINE

REL: 1439 HRS Pike River Coal Limited

MINE: PRC: Tunnelling through Hawera fault starts

TUNNELLING THROUGH HAWERA FAULT STARTS

Pike River Coal Limited (Pike River - PRC) has started tunnelling through a
faulted zone in the Paparoa Ranges on the West Coast just 215 metres away
from the 18 million tonne Brunner seam of hard coking coal.

The Hawera fault was created when one side of the Paparoa Ranges was lifted
1,000 metres in ancient upheavals which fractured the rock along the fault
line.

Pike River had previously announced a short delay to tunnelling through the
fault while it advanced some construction works, which had safety and
efficiency advantages, prior to starting the final 215 metre drive to the
coal seam. "In the process we have now completed a series of steps that will
help reduce the risk of delay west of the fault area by completing many of
the tasks we would have done once through the fault" says General Manager
Mines, Peter Whittall.

A contractor operated compressed air jumbo drilling machine will drill out
the face of the fault (to allow explosive charges to be laid) and a
combination of blasting, drilling, and tunnel support will be used to get
through the crushed rock zone, expected to be up to 50 metres wide.

Once through the fault zone, the jumbo drilling machine is currently planned
to be replaced by Pike River's roadheader cutting unit which is flameproof
equipment. The roadheader cuts a 4 by 5 metre roadway in the rock.

Pike River Chief Executive Mr Ward says "the final drive to the coal seam is
expected to be completed by the previously announced date of around the end
of August 2008". A series of roadways will then be driven by Pike River's
roadheader in the coal and stone west of the Hawera fault as pit bottom is
developed for further mine infrastructure including raw coal slurry ponds,
the hydro-monitor pump station and a large water storage facility. An inseam
drill rig will drill in that area to add more data to Pike River's geological
model and a roadway will also be driven to the bottom of the ventilation
shaft site.

As scheduled, the first 100,000 tonnes of coal will be mined by the end of
March 2009 and another 100,000 tonnes by the end of June 2009.

Thereafter, says Mr Ward, "production of premium hard coking coal at the mine
will be in full swing to achieve our schedule of at least one million tonnes
a year".
End CA:00167274 For:PRC Type:MINE Time:2008-07-10:14:39:59

Still keeping interest in this one.
Thoughts?
RossT would you think these actions have been the full reason behind the delay?

Sounds good and honest to me.

[AMR]

Yea AA I can see what you mean, $2 may become a strong support and is also a nice round number.

I am contemplating a re-entry since the decline has stopped and broken the unconfirmed downline, although it might simply to building a base. A "hard" buy signal for me would be the forming of a new high. It would be easier to apply my edge if I was more consistent with selling signals too, I gave PSA a lot more room to move and didn't immediately sell in that case. Oh well, back to work on my system.

[Rabbi]

I'm still in and think that once they get to the coal seam the price will move upwards again, provided world markets don't collapse in the meantime, in which case all bets are off.

However, I do believe that as long as this worldwide credit crunch doesn't impact on the banks, the world economies can ride out this recession.
Any sort of collapse of the banking system and we are in deep trouble.
The markets are behaving very nervously, oscillating between fear and greed, which is good for traders if you can read the buy and sell signals.

Buy time again for PRC perhaps.?

[Billy Boy]

I'm still in and think that once they get to the coal seam the price will move upwards again, provided world markets don't collapse in the meantime, in which case all bets are off.

However, I do believe that as long as this worldwide credit crunch doesn't impact on the banks, the world economies can ride out this recession.
Any sort of collapse of the banking system and we are in deep trouble.
The markets are behaving very nervously, oscillating between fear and greed, which is good for traders if you can read the buy and sell signals.

Buy time again for PRC perhaps.?

Watching price at first coal is my thinking as well.
I think after first coal. the SP will drop and become stable.
Getting back in will depend on indicators and world events.
BB

[Footsie]

However, I do believe that as long as this worldwide credit crunch doesn't impact on the banks, .?

Earth to Rabbi? Credit Crunch no impacting banks..... where have you been hiding?>

[Rabbi]

Earth to Rabbi? Credit Crunch no impacting banks..... where have you been hiding?>

No, not yet, but that doesn't mean it couldn't happen!:eek:

[Drone]

Maybe premature, but looks like the tide may have turned, solid performance today in a market that is in all sorts of trouble in general,

I'm back in, bought 2 lots today @ .05 & .13 just now.

[AMR]

I sold off PRC and put part of the proceeds into NZO. But yes, it seems we might have been shaken off.


Yea AA I can see what you mean, $2 may become a strong support and is also a nice round number. I am contemplating a re-entry since the decline has stopped and broken the unconfirmed downline

Why don't I listen to these voices in my head?!?

[bermuda]

Yes I'm out as well, booked a nice profit for now. I'm expecting it to consolidate a while.

AMR,
I am picking it will cosolidate all the way up to $3.

Got to be one of the most outstanding stocks on the NZX. Revenue projections up 3 fold... costs up marginally.