Eddie - it seems the steel producers are seeing the need to increase reliability and price stability of coking coal supplies and one way to achieve this is to buy parts of, or complete, coal mines. The Chinese government has said it wants China to become self-sufficient in minerals. They have the raw materials in the ground but the production ramp-up needed to meet their exponentially growing needs will take a few more years, but it could be achieved very quickly by external investment. I read somewhere recently the Chinese government has $500bn to spend. Could they be looking to Aussie for some of their coking coal supply?
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