RE: Earnings announcement today.... Does not matter! Only thing the markets want out of CMK is the following;
1) Announce a contract for selling the coal and/or secure off take agreement (this is the best solution to prop up the share price)
2) Announce a JV asap rather then later (Management needs to get over their ego behavior and come to reality that they cannot do this alone anymore!)
3) Put up a for sale sign. Alot of foreign money looking to secure met. coal reserves right now as the sector has been beaten down to the bone almost. (JRCC moved up big today and looks like a take over maybe in the works by SAIL, and hopefully they looked at CMK mine as well on their tour of US coal mines back in Sept.)
The management, especially bates need to take any reasonable offer to sell out right now so the shareholders can at least get some money back! I would be happy with 200 to 300 million offer for the mine right now or around 1.50 which is very reasonable BUT the wild card is greedy Bates and management thinking mine is worth north of billion according the the NPV on 619 million tons of reserves!
Let's be realistic here and see that CMK is not going to Zero....the company has no debt except for $50 million bond due in 2014 which is alot of time the coal mining business to get things done! Something will come out of CMK and no ones knows what or when, and therefore the share price is lost in a BIG sandstorm and does not know where to go at the moment!