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I posted here on a prospect called Austral Coal a couple of months ago. At the time the price was around the 40 cents mark.
Austral Coal has just give the ASX the latest on their mine development and prospects over the next few years. As a result the price shot up to 57 cents yesterday. At this price it is still a very good buy because if you read into the report it shows that :
Coking coal (the company's main product) has risen 25% in price in 2001.
They expect the price negotiations to rise still futher this year.
There is a worldwide shortage of coking coal expected to last for the forseeable future.
The mine is to double production in 2004 due to the opening of a new longwall section.
With the price at around 56 cents now it should rise to 70 to 80 cents this year and when the mine doubles its production this should double the price again.
Do your own DD but this should be a winner by 2004.
Regards
Harmy
http://www.asx.com.au/asx/statistics/AnnDetail.jsp?id=461313&issuerid=3468
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