People crunching the numbers of the BFS and realising COK was...

People crunching the numbers of the BFS and realising COK was undervalued even in the current coal market, is my guess.

Cash costs are low, infrastructure is secured, Qld met coal mines are closing left right and centre, and the 100% PCI product was a nice surprise nobody saw coming. And the irony is that if the SP appreciates, COK is suddenly in a much better position to raise funds through equity.

It's potentially a self-fulfilling prophecy.