CAPITAL MARKETS

Anomaly or golden age for coal prices?

THE 20 year highs being reached in thermal coal prices beg the question whether these record prices indicate the beginning of a supply side ‘golden age’ or are simply an anomaly caused by a coincidence of supply and demand-side factors. A recent report, <I>Changing Fortunes</I>, by mining industry research house AME Mineral Economics, looks at some of the underlying factors.