Thanks @Smurf1976Still one furnace running at Port Kembla so far as I'm aware and also there's some other, much smaller, uses of met coal within Australia too.
The directors are recommending a change of name for the Company to Stanmore Resources. The Board believes that the name of the Company should be reflective of our aim to continue developing and strengthening our core metallurgical coal business, but also exploring other resource diversification opportunities, including but not limited to the renewable energy space.
hmm. plants good, fossilised plants no goodIn that vein a company called Stanmore Green has been created. The vision for this company is to leverage our assets and execution capabilities to explore and pursue diversification opportunities in the renewable energy space offering synergistic and value add to our existing and future operations.
Referring back to my previous post about a Cup & Handle pattern, at the time I couldn't draw an outcome for the pattern as it was so high. Over time I was able to draw an outcome, I have been watching this level getting closer and closer and yesterday after riding this stock from around January this year I sold it yesterday at 2.59 just sitting at the outcome level of 2.60. Let's see if my calculations turn out to be correct.Oh cool, look at SMR's chart folks! Is this or is this not a rock and roll cup and handle formation on the 12 year monthly chart? I can't draw a measured move calc as my charts don't go high enough. Black gold?
“Stanmore is very disappointed with these extraordinary tax increases given its commitments to the Isaac Downs Project and re-opening of the Millennium and Mavis mines, as well as the very recent and significant $US1.2 billion investment in the Queensland coal sector with the acquisition of our 80 per cent in BMC,” chief executive Marcelo Matos said.
“Royalty rates in Queensland were already among the highest in the world prior to these increases and come at a time when the Queensland coal industry was just recovering from the losses experienced during the market downturn in 2020 and 2021. The increases to the royalty rates without formal notice or consultation with the industry are unprecedented.
we've always known it's not a good idea to stand between a Treasury and a new tax, or, technically, three new progressive royalty tiers being introduced in addition to the current structure for Qld coal producers.
After a good run on sustainably higher coal prices, from $1 at the start of the year to as high as $2.90 in May, SMR has dived to around $1.78 a share.
Stanmore Resources has hit back at changes to the coal royalty regime announced by the Queensland government as part of its budget. The company said it is analysing the impact of the additional taxes on the business and will provide an update in due course.
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