Morningstar price target $3.20, page-51

I visit coal mines every week as we supply them. the story varies from site to site. Glencore have imposed prodution limits on some of their mines. every mine has a different position on the cost curve so they are trying to idle the operations to keep the business and workforce but not over supply when many of their operations are marginal. note that glencore bought many of these mines from others who could not make them profitable. this compares to the teir 1 assets held by come other companies who can pretty much make money through the price cycle. the issue with whitehaven is that they have a premium product but may not always get a premium price. its a bit like FMG who have a substandard iron ore and sell at a discount to the 62%Fe benchmark however make lots of money when the benchmark is high - so with WHC the difference in pricing to the benchmark will be critical to determine their profit - assuming (and a big assumption) they can sell what they can produce. I am hoping for that but am bias as i bought in big into this stock. so far so good.