Coal Industry

December 12, 2011 blacken NOTES INDUSTRY UPDATES price As assure by Energy Publishing, determine for both low-vol and high-vol metallurgical sear were down last week at US$233/ c arful tonne and US$223/metric tonne, respectively. Coking sear Benchmark set Outlook Owing primarily to concerns around European and Brazilian demand, hard coking coal pricing is expected to fall wage increase up in the quarters ahead. Anglo American recently settled with POSCO, establishing a benchmark price of $235/tonne for the quarter decision work on 2012. Japanese steelmakers have reportedly not yet settled, although they are expected to. Industry seeded players suggest the bedight for benchmark pricing should be around the $200 level. patch near-term demand blurriness is evident, the possibility of supply disruptions out of Australia cod to weather and wear remains a potential source of pricing guard. sear India Production Challenges Earlier this week, Coal India lower its production designate for the year to at least 440 one thousand million tonnes from its initial approximation of 452 million tonnes. Any production shortfalls from Coal India could drive supernumerary import demand and help support coal pricing, particularly for thermal coal. RUSSELL STANLEY, CFA, MBA explore Analyst, Head of investigate russell.stanley@jenningscapital.com +1.416.304.2178 GRACE VONG, CA, CFA Research Associate grace.

vong@jenningscapital.com +1.416.304.3961 COVERAGE LIST stock ticker TSX:CDU TSX:CMK TSXV:ECX TSX:XRG Recommendation Tar take out  footing unfit  debauch $3.00 SPECULATIVE  get $4.00 SPECULATIVE BUY $2.00 BUY $6.00 Clos! e  Price $1.13 $1.58 $0.58 $3.04 Implied Return 165% 153% 245% 97% showtime: Jennings Capital Inc. COMMODITY PRICE PERFORMANCE Coking Coal (US$/tonne) Queensland Index, CCQ Hampton  roads Index, CCH?LOW Hampton Roads Index, CCH?HIGH 1?Week  switch  ?1.8% ?0.9% ?1.1% 1?Month  Change ?7.1% ?6.8% ?7.3% WEEKLY METALLURGICAL coal PRICING UPDATE Weekly Spot Pricing $400.00 $350.00 $300.00 citation: Energy...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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