Sophisticated Investor Report, page-2

Looking at a rebound in coal price to begin startup. Fundamentals good and infrastructure in place-poor market conditions across the board and coking coal price not friendly ATM for finance. A lot of interest in the coal. Watch this space when price rebounds. High calorific content low ash-it's the good stuff. Due to the price of coal ATM China is buying as it is cheaper for them to buy than produce.

BHP Billiton Ltd. became the latest company to announce record output of metallurgical coal, after opening new mines that were planned years ago when prices of the commodity were at a peak. The extra supply is far outpacing demand in countries such as China and Japan, which produce much of the world’s steel.
Miners’ willingness to dig up more coal despite lower prices mirrors a similar push in iron ore, in which miners are investing billions of dollars and running operations harder in a bet that efficiencies of scale will allow them to profit. Critics say the strategy risks creating a supply glut of each of the raw materials used to make steel that will take years to clear.
On Wednesday, BHP said it produced a record 12.8 million metric tons of metallurgical coal in the three months through September, up 7% from the previous quarter and 25% above levels of a year earlier. This included output from a new Australian mine called Caval Ridge, which BHP and partner Mitsubishi Corp. opened this year. BHP, in its joint venture with Mitsubishi, is the world’s largest metallurgical-coal exporter.
Anglo American PLC, the world’s No. 3 metallurgical-coal exporter, has also been increasing supply despite easing demand. The company’s metallurgical-coal production from January to June jumped 21% compared with a year earlier
Good luck all