I'm not sure if CBA is shorting (don't have that info). I...

I'm not sure if CBA is shorting (don't have that info). I believe the sp is subdued because (a) EHL has declining utilization and (b) anything to do with mining and or its services are being dumped or avoided.

EHL's declining utilization sit squarely on mgt because analysts warned that they were too heavily dependent on the coal sector. Thank goodness for Cdn oil sands and Chile start-up (both to mgt's credit). However, EHL didn't directly mention the likelihood that utilization is falling further (for a few months) due to usual business work cycle in Canada. Keystone would help EHL's Cdn business, but that will take quite some time!

I see three catalysts to move EHL's sp up:
1. Announcement of new Latin American business start-up (my guess is Brazil, but don't know yet).
2. Any solid uptick in OZ coal sector, including coal prices.
3. Any solid uptick in gold prices (some WA miners are high cost so lower gold could put them on maintenance).