I should also add, I think this is a reasonable punt if you...

I should also add, I think this is a reasonable punt if you think coal prices bottom out and start grinding up over the next 12-18 months (hard to see any coal stocks seeing a sustained rally if it doesn't). For this to happen you likely need to see reasonable mine closures (not many to date) and/or a reasonable recovery in the global economy particularly China.

Whether that happens, who knows. Doesn't look likely at the moment, but I note that China is currently focused on consolidating overcapacity sectors (such as coal), which might help (if they actually do it). Also I note forecasters such as the IEA and CRU are pretty bearish (but they were bullish at the top). No one really knows (definitely me included!!).

Good luck to all.