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Coking coal company, Tigers Realm Coal Limited (ASX:TIG) is aiming to establish itself as a leading Supplier of high-quality coking coal to the seaborne market. The company is mainly involved in mining and exploration of coal from its assets located in the Russian Far East, Chukotka Autonomous Okrug.
Currently, the company is developing a large-scale coking coal basin that covers two areas, Amaam and Amaam North, which are together called as “Amaam Coal Project”. The company owns Beringovsky Port and Coal Terminal which are located near to the Amaam North tenement.
Amaam and Amaam North are two exceptionally well-located coking coal deposits, approximately 40km from the Bering sea with shorter shipping distances to North Asian markets than from peer producers in Queensland and British Columbia.
Recently on 1 March 2019, the company entered into a term sheet with the Sakhalin based East Mining Company (EMCO) for the purchase and financing of two 500t barges. The acquisition of these barges and their delivery to Beringovsky by the beginning of the 2019 shipping season will considerably contribute to TIG’s ability to increase Port Beringovsky’s throughput capacity.
In December 2018, the company mined 143kt of coal and delivered 95kt of coal to the port. The company was able to achieve its 2018 annual mining targets as well as December quarter targets. The coal mined during the December quarter exceeded TIG’s 120 to 140kt guidance. The company reported 2018 annual coal mining volumes of 576kt which was at the upper end of the production guidance range of 555 to 575kt.
During the December quarter, there were no LTIs (Lost-time injury), as a result of which the company’s cumulative Total Reportable Injury Frequency Rate (TRIFR) decreased to 3.7 per million hours from 4.3 in the September 2018 quarter. There were no significant safety incidents during the second half of 2018.
In November 2018, the company shifted the focus of mining operations to the eastern flank after mining the central and western pits throughout the course of 2018. For 2019, the company is working towards a coal production of 750kt, reflecting an increase above the 576kt produced in 2018. The achievement of this target will be based on the company securing sufficient financing on acceptable terms to enable this growth. On February 28, 2019, the company signed a coal supply contract with a Japanese customer for an initial 100kt shipment in 2019, signifying the increasing acceptance of TIG coal in its key Asian markets.
During the December quarter, the company generated A$8.0 million in unaudited net annual operating cash flow. At the end of the December quarter, the company had A$3.6 million in cash on hand. The company has achieved an unaudited cash surplus from operations of A$8.0 million for the year ended 31 December 2018 on A$54 million of receipts from customers.
At the time of writing, TIG’s shares are trading at $0.040 with the market capitalization of circa $71.67 million as on 19 March 2019 (AEST 03:28 PM). It has 52 weeks high of $0.053 and 52 weeks low of 0.033 with an average volume of ~143,328.
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