Dan Rice Massey Energy Company MEE-N TOP PICK Apr 23, 2004

Cash flow per ton margin is currently about $6 per ton. Last year they were $3. Thinks the ultimate margin will be $12/15. Heavily involved in steel coal. Very cheap.

Dan Rice

Owned

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$25.590

Stock price when the opinion was issued

other mines

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BUY

Thermal coal. About half the electricity in the US comes from coal-fired plants. China is building these plants at an amazing rate also. Need/demand for coal is going to be there for many years to come.

DON'T BUY

Took a big hit when they had an explosion in a US mine last spring and were cited for a number of safety offences. Sold his holdings. Likes coal but would prefer Alpha Natural Resources (ANR-N) and/or Bucyrus (BUCY-Q).

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Dan Rice Massey Energy Company MEE-N TOP PICK Apr 23, 2004

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