did they over pay for Bengalla ?, page-18

Yep, a decent amount of supply will leave the market this year. US coal mining companies are for the most part either bankrupt or not far from it, Glencore and Anglo also seem to be looking to scale back on production and/or close loss making mines. Bought my third parcel today. I've had a good look at it, and they now have a tier one long life asset, bought at what will probably turn out to be close to the bottom of the market. Their share of Bengalla will be around 3.4m tonnes per year. If we look forward 5 years I'm sure thermal coal will be priced much higher than it is today. On top of that they still have zero debt after the purchase. Go to where the puck will be, not where it is now. I think I stole that ice hockey phrase from Warren.