good news for 2016

Below from New Hope

finally we may see expansion plans shelved to counter the over supply. We have some amazing assets but they really are only dependent on the coal price moving towards 90-100 a tonne.

Amazed at the prolonged weakness


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SYDNEY--Australian miner New Hope Corp. expects global coal markets to remain awash with fuel and weak prices to persist for at least another year.



"The issue in the market is oversupply...and we believe it is likely to remain oversupplied for at least the next year or so," Chief Executive Shane Stephan said in an interview. Consequently, "we expect the coal price to remain weak for the next year or so," he said.


As a result, New Hope said it had pushed back timelines on several development projects,

This has forced New Hope and many of its peers, like BHP Billiton Ltd. and Anglo American PLC, to overhaul their businesses, including cutting staff, shelving expansion plans and selling assets.



"The long-term future for thermal coal demand in Asia is strong," said Mr. Stephan. "There are very large populations that will demand more electrical energy and there is now very limited new production coming online."