share prices should reflect FUTURE value not current value,...

share prices should reflect FUTURE value not current value, hence companies with positive outlook are uaually traded at a premuim while the ones with negative outlook are traded at a discount.

The amount of thermal coal produced is only one element (out of many) that affects the valuation of a share price.

Finally, your argument includes a hidden assumption which is: CEY was fairly valued before it ceased trading (which is not necessarily correct) so using CEY share price as a criteria to determine the fair value of CCC is logically false!

You have a happy 2011 everyone.