• Coal miner. Owns mines in Australia and South Africa. South African mines are partly owned.
• Potentially on an extremely low multiple if coal prices remain at elevated levels. December quarter operating EBITDA forecast = $70 million (for Australian operations only), current market cap = $140 million.
• Looking to become debt free using the cash flows from increased coal prices. It is obvious lending is hard for them to obtain. 
• Thorney has recently bought in with approximately 10% ownership. 
• Not touching until at least half yearly report, for a few reasons:

1. Debt has been re-negotiated but reading between the lines the agreement is not official until paperwork signed which is expected by the end of the month.
2. Monthly/quarterly numbers look good initially but then when you start to dig into what they actually mean I'm not experienced enough with the resources sector to figure out how "operational EBITDA" translates into profits/free cash flow.
3. Coal price is down from $200+ to $130-170 depending on the future date. This halves the operating EBITDA margin per tonne.

I put this Straw out to see if anyone else has investigated Terracom? Can't tell if this is a "pennies in front of a steamroller" situation or if there is potential here and Terracom is cheap because no one wants to touch coal shares.