analyse this, page-6

The attractive point of GCL is that only 80M shares are issued.

But GCL has quite limited coal resoures at 28.5MT. And there seems a large currency hedge loss like Macarthur coal, remember somewhere around $100M hedged at 0.90. (50%~80% sales revenue).

All coal stocks are cheap, and GCL is a good buy at current low price, I think.