http://www.businessspectator.com.au/bs.nsf/article/bhp-billiton-production-report-shale-gas-pd20130123-488mf?opendocument&emcontent_bartholomeusz&src=msp The major producers will survive the depressed commodities market by focusing on productivity, renovation and volume. Juniors will struggle with high production costs, low productivity and low volumes in the next couple years. CMK will be in dire straits even if they manage to go into production, save long wall mining which will require a massive capital expense in the rate of 200million. This makes the prospects of selling the company very difficult save a major stepping in and pumping millions in capital investment. I am not sure about the exact production costs of CMK, may be in the 130/ton which makes it difficult to be profitable with the current met coal prices of $160 per long tonne. Any prospective buyer therefore will take these factors into account before making  a move to enter a junior coal company. Probably dilution short of going into chapter 11 may be the only option, however sad it may sounde, that CMK has.