Agree with you on this Tim. I had a look at CRN I think around 6...

Agree with you on this Tim. I had a look at CRN I think around 6 months ago and decided I wasn't a fan of their capital management. Didn't anticipate covid but thought they weren't leaving any breathing space if coal prices tumbled. Now diluting at the bottom of the cycle. I also haven't got a good feel for the US operations yet. I'll revisit this one in a few months probably and do a more detailed analysis. For my coal exposure I'm on a different train (nhc - thermal coal, building a position) but would also like exposure to a strong coking coal producer listed on ASX (or a mix of thermal and coking). However I don't feel comfortable with any I've looked at - whc I almost pulled the trigger but their costs and their debt are both a little higher than what I feel is safe (capital preservation being the number one priority however they may turn out to be a cracking investment at these levels if coal prices skyrocket, likewise for crn). I do have bhp so have a little bit of exposure there I guess.