Cheers beardy - I don't know if coal will necessarily be down...

Cheers beardy - I don't know if coal will necessarily be down for a few more years. The bottom may have already been reached, or if not I would suggest an absolute maximum of 12 more months before the bottom is reached, simply due to the amount of supply that would get knocked out during another 12 months of these prices (Peabody is getting very close to bankruptcy from what I've read, and meanwhile companies like Anglo are looking to offload a lot of their coal assets, and mines are still getting closed). I don't think it's all bad, there will be very little new supply added to the market for the next 10 years, while mines continue to deplete and get closed. Prices will move higher over time.

I think the Ackland expansion getting delayed could be a blessing in disguise. With the number of coal assets for sale, and the number of desperate sellers, buying good value existing mines will probably give better bank for buck, as well as not adding additional future supply.

I'll probably top up again soon, but not in any hurry. I'd like to wait until the transaction is finalised with a bit more info.