Nucoal Resources produced what could have been a stunning 94% return today if its share price had not previously fallen to less than 10% of where it had been a year ago. The volume traded was the second largest daily turnover on record for the stock but still only 3% of the total shares outstanding. Nucoal is in imminent danger of having its Doyles Creek coal exploration licence cancelled by the New South Wales government after an adverse ICAC finding. It seems a tad dangerous betting on the government not acting. The question for any adventurous souls wanting a way to play this is whether, without Doyles Creek, there is enough to justify the recent $10-20 million market value. Dumping the ill-fated training mine that no one wanted, grabbing some compensation and working up its resources elsewhere might be the way for Nucoal to go.
We'll be watching this one closely John, thanks for sharing your thoughts. Hope you had a great break and are charged for a big year ahead.