Overall I think king coal is in a low for a few years and BND is...

Overall I think king coal is in a low for a few years and BND is part of it.

King Coal has been overthrown by the Shale Gas revolution and has fled to exile.

Whether he'll come back to reclaim his throne I don't know, but not in the short term IMO.

The problem in Queensland is that these projects just can't go ahead with the AUD so high, coal prices so low and the debt and equity markets in such a sorry state of affairs.

It's a really unusual situation. Coal prices and debt/equity markets are in recession-type doldrums while costs (wages, materials) and the AUD are still at boom-time levels. Normally they move together, so a miner facing low coal prices will at least have the comfort of lower capex and wage costs, and a low AUD.

But not any more...