Key to future success isn't just owning reserves but owning 'permitted' reserves

摘要

While getting a new mining permit is about as easy as picking the winning Powerball numbers, having a permit in-hand to open a new mine could be the equivalent of owning a winning lottery ticket. And we're not talking about one of those scratch-off, all-you-win-is-another-lottery-ticket lottery tickets. Despite a steam market that has guys trying to sell coal out of the trunks of their cars to strangers on the street -"Hey lady, interested in some bituminous? It would go good with your bag." - signs are pointing to the market turning around late this year or early next. When demand does pull itself up out of the grave the reality is going to be different than during the last bull market nearly two years ago.