Saw this on intelligent investor, not sure is this is old news...

Saw this on intelligent investor, not sure is this is old news New Hope prepares for the worst 01 Jan 00 Even as the best of the local coal miners, New Hope Corporation has struggled with lower prices. But, as Gaurav Sodhi explains, this is more than just a miner. ???Used to fuel power generators, thermal coal was once considered a stable, even boring, commodity. Yet as Chinese coal demand surged, old ideas began to crumble. After years of steady prices around US$50 a tonne, thermal coal prices surged to US$190 in 2008. Coal producers, New Hope Corporation among them, saw optimism spread and profits soar. In 2009, New Hope reported pre-tax profits from coal mining of over $200m and the company sold an undeveloped mine for $2.45bn. New Hope’s management always understood what markets often forget – that this is a cyclical business. It used to be, in any case. Today, coal prices appear to only have one trajectory: down. From those pre-GFC highs, therma... Need full access to read the rest which I don't have