RE: Darkness before dawn? Cline wasn't the only coal company disconncted from the realities of the coal market. Grande Cache and Western Coal were both acquired at the peak of the markets. When Grande Cache and Western Coal were obliterated in 2008 we also had China that bailed out the whole coal market because China's economy back then was very investment and contsruction driven. Coal prices rebounded very quickly and we also had flooding in Australia. China's economy is still growing but clearly the Chinese are trying to temper the construction boom of the past. Spot high quality met coal is at $150/tonne right now and there is ample supply of met coal. The Chinese Supercycle for commodities is over. The irony is that we are currently in a supercycle right now for lumber and OSB. The US housing market is just beginning to recover and Canada exports more lumber to China now than 5 years ago.