Well put, @hightrax. Obviously BCB is no Whitehaven or Yancoal,...

Well put, @hightrax. Obviously BCB is no Whitehaven or Yancoal, but does it have the potential to become a successful mid-tier producer in its own right? Yes, in my view, provided that it meets and reduces its debt obligations over the next 12-18 months and that coal prices remain at current levels or rise further. From an investment viewpoint the big attraction of a company like BCB is its potential leverage. My rough estimate is that a realistic price target for BCB is 15c within 6-12 months (from the current 10c), with 20c a plausible possibility within 12-18 months. Unlikely, methinks, that the prices of WHC or YAL will double over the same period (although that’s a possibility for WHC, I accept).

The message, I think — as hightrax says — is to have a mix of producers in a coal-based portfolio, with the established producers well represented but some decent space also for the developing/emerging producers such as BCB. Standard diversification principle, albeit within this one (highly attractive) sector.