You are right that COK will not be alone. I firmly believe that...

You are right that COK will not be alone. I firmly believe that investors/traders should be looking to explorers rather than producers in these tough times. I am guessing/of the opinion that the coal market (thermal and metallurgical) will remain subdued for 1 to 2 years. Of course I do hope I am wrong as I am invested in a couple of explorers/developers and even though those companies remain in excellent health (financially) sentiment drives the share prices of those companies down with producers.

There is absolutely little value attributed to coal resources and reserves but that is the current state of the market.

Thought this might be of interest to some of you. I posted it over a year ago any a few coal forums.

A Real Asset Call Option

You just do not want COK to hold less than 51% in any future JV's or investors will run for the hills.