Bounty Mining Limited (ASX: B2Y), a coking coal mining and resource development company from the metals and the mining industry, announced the appointment of Jim Griffin as the CEO of the company effective from 18 February 2019. The appointment of Jim Griffin happened right after the resignation of Gary Cochrane (the previous CEO).
Jim Griffin has over 35 years of experience of the coal industry which also includes experience in mining engineering along with financial strategy development as well as execution.
Rob Stewart who is the chairperson of B2Y stated that the company is confident about Jim Griffin, that he would be able to contribute towards the development of B2Y. Earlier, Jim had successfully closed deals worth $40 billion. He had also assured the corporate turnarounds and had also restored values to shareholders and the investors. He also stated that the mining skills which Jim carried with himself would complement the existing capabilities of the B2Y’s team along with Jim’s international advisory and strategic expertise.
Jim Griffin was earlier working as a senior executive with Chase Manhattan, Rothschild, Westeros Coal, Walter Energy, African Mineral, and FBR.
On 7 February 2019, the company has announced the resignation of Gary Cochrane from his role and the directors of the company voted for Rob Stewart as the new chair of the board. Rob Stewart is also a qualified engineer with 40 years of experience in coal and contract mining sector. Since 2009, he joined the board where he was the non-executive director and also the shareholder.
The company also appointed John Hart as the General Manager, and he will be responsible for the Cook Colliery. John Hart is an experienced mine manager and an expert pillar mining. The company is confident about John Hart that he will increase the productivity and profitability of the Cook Colliery.
During the December quarter, B2Y extended its offtake agreement with Xcoal Energy & Resources for coking coal till 2020 against a prepayment amount worth $2,000,000. It also entered offtake agreement with Flame S.A. to deliver approximately 100,000 tonnes of Thermal coal in 2019 against a prepayment amount worth $500,000.
During the December quarter which ended on 31 December 2018, the company received A$21.067 million in the form of receipts from the customers. However, the company made a huge payment of A$32.491 million for production and distribution. As a result, the net cash outflow from the operating activities was worth A$12.850 million.
During the December quarter, the company made payment to property, plant and equipment and other non-current assets as well. As a result, the net cash outflow during the period was $1.102 million from the investing activities of the company.
The company generated revenue worth A$10.300 million from the issue of shares and A$5.000 million through borrowings. As a result, the net cash outflow from financing activities during the period was A$13.886 million.
By the end of the December quarter, B2Y had net cash and cash equivalent worth A$3.011 million.
For the past six months, the stock has generated a negative return of 75.43%. By the closure of the trading session on 8 February 2019, the closing price of the stock was A$0.091 which was 5.814% above its previous trading day’s closing price. The stock has a market capitalization of A$33.12 million and approximately 385.15 million outstanding shares.
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