I was thinking the same thing for the past few months or so....BUT if this was the case, CMK would be trading much higher than what it is now!  Also, China and India now can pick out alot of coal companies that are still  depressed in prices, and barely off their 52 week lows (check the US coal stocks).

When it comes to CMK, there are two types of buyers that would buy this company............

1)  Another coal company/investment firm trying to increase production/profit, But these types of investors would shy away from buying CMK due to no proven production/sales to date, and capital expenditures well over $300 million with nothing to show for........

2)  Finally maybe a state owned firm that is looking to add resources to the growing demand in their country, and are not concerned with sales/profit, etc., and just want the coal to satisfy the demand/supply equation.  This situation is more likely to happen then the #1) situation.....But with this example, the state owned firms buying aboard are facing so much red type in N.A. that  they would stay away and look elsewhere.