http://www.theage.com.au/business/yanzhou-coal-tips-rise-in-china...

http://www.theage.com.au/business/yanzhou-coal-tips-rise-in-china-demand-20120727-22zux.html

At 30c and $47m EV, BND is priced like a junior explorer with a few holes drilled in a good area with some good coal shows, not Australia's next coal producer.

The market is very forward looking, so I don't know whether it will take an actual improvement in thermal coal prices, likely in late September according to the Chairman of Yanzhou Coal, or the anticipation of an improvement, to get coal stocks going up again.

This is a typical business cycle, and business conditions will turn up. We are not witnessing a structural change. Coal cash costs are higher in the US than Australia, and the US coal companies cannot afford to keep dumping coal in Asia at low prices.