Daytrading September 7 afternoon, page-101

With coal stocks, the market has learnt that it is all about the here and now. Net Present Value. Coalies used to be valued at up to 50c/t of their resource in 2011, but with the ebs and flows in the cycle, what is more important is what the coal stock can produce in the next 3-5 years, not in 35 years time with a 200Mt+ resource. A 10Mt resource to be mined in the next 3 years is worth more than a 100Mt resource where mining won't commence for 5 years.

Time for coal stocks to be priced on their production horizon rather than their global resource. There will always be coal to mine. Anyone who thinks otherwise, consider this. Can you think of an Australian coal mine producing >50ktpa that has completely depleted its entire resource? i.e. its net resource has reached 0 tonnes.