AMR - Is Colonial Coal The Cheapest Coking Coal Play?

• Teck Resources, the largest coking coal producer in N. America, has soared in value in large part due to its spectacular coking coal operations.
• Teck strongly believes that demand will remain robust -- not for months or years -- for at least 2-3 more decades.
• Colonial Coal has 2 high-quality, development stage coking coal projects surrounded by giants Anglo American & Teck in one of the world's best coking coal basins.
• In the last major coking coal bull market of 2010-2011, company valuations took off and M&A activity became heated. Why should this period be any different?
• COVID-19 has been a hold-up in a 3-yr+ sale process. Shareholders are frustrated, which is why I believe Colonial's valuation is too low.

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