Try comparing the EV/t of coal with peer companies and you will soon come to the realisation that at $2.00 it was over valued.
At $2.00 it had a very big premium on it based on rumour (takeover, sale of company etc). Was trading at one stage more than 60 cents EV/t.
It still is trading at higher levels of some other coal exploration companies. Currently it's at 25 cents.
:)
Nic
