Well, it certainly is not all doom and gloom. Interesting is that the NZ$ price for hard coking coal hardly dropped this year - the falling US$ price is nearly compensated by the dropping NZ$. Throw the low oil price environment (lower operating and transport cost) into the mix, and we could even identify a silver line at the horizon ...
However - given the price of the BRL shares - they are at current basically an option on coking coal. If coking coal goes over the next 12 months up in a meaningful way, than this will turn into a multi-bagger. If it stays low for more than another year or so (when the Westport customer closes its premises), than we can probably say good bye to any residual share value.