Quite right. A $150 MCap is beyond silly when just the new longwall they installed last week cost $90M. There's still 500 MT of coking coal in the ground and huge amounts in equipment and capital works that are currently operational. And they will be shipping more than 1 MT coal this year at >$150/T despite all the disruptions from the expansion project.
I suspect that since output expansion is a long and capital intensive process this gives the opportunity for short sellers to beat down the price over an extended period and drive the non-professional investors to despair.
Anyone buying now have to factor in (1) carbon tax (2)interest payments on capex loans and (3) lower coke prices if China slows.
I believe that GNM will make good profits even with the full effect of all three factors above. We will have to wait for 2013 for to see the light though.
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Mkt cap ! $2.319M |
Open | High | Low | Value | Volume |
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Buyers (Bids)
No. | Vol. | Price($) |
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1 | 4933 | 1.4¢ |
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Price($) | Vol. | No. |
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1.5¢ | 142048 | 2 |
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No. | Vol. | Price($) |
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1 | 4933 | 0.014 |
5 | 671377 | 0.013 |
3 | 732302 | 0.012 |
5 | 674925 | 0.011 |
6 | 1569995 | 0.010 |
Price($) | Vol. | No. |
---|---|---|
0.015 | 142048 | 2 |
0.016 | 75499 | 5 |
0.017 | 234377 | 3 |
0.018 | 433327 | 4 |
0.019 | 17241 | 1 |
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