Cloud Peak Energy Announces Termination of Tax Receivable Agreement with Rio Tinto
Cloud Peak Energy Amends Throughput Agreement with Westshore Terminals to Increase Committed Export Capacity and Extend Term
Westmoreland Canadian Subsidiary Announces Monetization of Port Agreement and New Supply Chain Collaboration at Coal Valley Mine
As credit spreads have tightened on a nearly continuous trend over the past year, they are becoming richly valued relative to their historical average.
Its position in the Powder River Basin gives the firm a narrow moat.
We don't see the recent share price declines for metals and mining producers as a buying opportunity on average.
Corporate credit spreads are fairly valued--albeit at the tight end of the range that we view as fairly valued.
We think Cloud Peak is the best way to play a rebound in PRB coal prices.
Lower commodity prices and a break-up of the European potash cartel have weighed on basic materials stocks year-to-date.
Improved demand should underpin stronger potash and PRB coal markets in 2014.