You can name a million reasons why the SP could be dropping.Its...

You can name a million reasons why the SP could be dropping.

Its just all pure speculation.

The main thing is: Is it due to reasons that have decreased value of the coal business? Are the company bleeding money/ projects looking un-economical or DCF projections now looking way off? Has the global market changed and made thermal coal a risk commodity with poor fundamental backing?

I think it is fair to say CCC is as 'valuable' a business as it was in DEC/JAN. Thus it would be fair to say that any drop in price is not neccessarily for fundamentally poor changes in the underlying business that is CCC.

If there has been no real change in the underlying value of CCC, (Personally I would say most of the value still stays the same, targets are being hit at a steady but probably slower than ideal pace, with thermal coal prices holding strong in the face of increased global demand), this either means that the 9.2 it reached was way way too high or the mid 4's it is atm is way way too low. (Or partially a bit of both).

Things that have dropped the price is that at the peak we had LINQ convert their options and dump millions of shares and Och Ziff sell off a 6% stake in the company.

If you took any company, BHP included and sold off 10% of the register 1 month before the beginning of a sharp decline in the entire global marketplace I think you would find the stock would end up in a down trend.
How low will it go? Who knows. The one thing I would suggest is that CCC wont rise again on speculation like most small cap companies do. CCC will only rise when it proves itself able to get the mines up and running. Pen needs to keep advancing well, BFS, drilling etc. etc.