John,
the way I understand it, All miners forward sold.They have had to for survival. I believe, many have limited their forward sale to only partial production, or only production from currently open mines.
If (when IMHO) we see a price return, production could be increased, through overtime, more miners / shifts, or the reopening of the higher cost mines which are now closed.
There are many playing the "what if" game.
My play is to diversify. some of the bigger / stronger, heavy on the 2nd/3rd tier players, one that is mainly a production sub-contractors, & a very speculative play.
And I think in the end all will do (at least) OK.
rh |
