Coal on the move...Here are a few pieces from Andew Mickey's Prosperity Dispatch. The full article will be posted on his website soon.
A few recent analyst reports predict more supply crunches in thermal coal (used for burning in power plants) and even bigger ones in metallurgical coal (used in steelmaking and industrial processes).
The emerging coal story is going main stream. In the inevitable “Peak [insert commodity X] Theory” comparison that comes along with booms like these, the New York Times says, “China now consumes approximately 47 percent of coal produced globally but by most estimates has just 14 percent of global coal reserves.”.......
Prophecy Resources (TSX-V:PCY) shares have more than doubled in the past few weeks after announcing it had received preliminary mining permits for its Mongolian coal assets (side note: your editor had lunch with Prophecy’s President and CEO John Lee when he was “building a company the Chinese would practically have to buy out” by buying up assets around the world they’re desperately in need of including nickel, platinum, and coal – 400% in gains later he and Prophecy are well on the way)