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Becoming Colombia’s Leading Independent Coal Producer June 2012
TSXV: PAK
1
This presentation contains certain “forward-looking statements” and “forward-looking information” under applicable Canadian securities laws concerning the business, operations and financial performance and condition of Pacific Coal, S.A. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to business plans and strategies of Pacific Coal; information with respect to the proposed subscription receipt financing of Pacific Coal; estimated production of the various projects of Pacific Coal; the benefits of the acquisitions and the development potential of properties of Pacific Coal; the future price of coal; estimates regarding mineralization and exploration results; the ability of Pacific Coal to achieve mining success consistent with management’s expectations; and expected levels of royalty rates, operating costs, and other costs and expenses. Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur. There can be no assurance that the plans, intentions or expectations upon which forward-looking statements are based will in fact be realized. Actual results will differ, and the difference may be material and adverse to the Corporation and its shareholders. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “forecast”, “guidance”, “intend”, “may”, “plan”, “predict”, “project”, “should”, “target”, “vision”, “will”, or similar words suggesting future outcomes or language suggesting an outlook. Forward looking statements are based on the opinions and estimates of management at the date the statements are made, as well as a number of assumptions made by, and information currently available to, the Corporation concerning, among other things, Pacific Coal’s ability to successfully complete the proposed subscription receipt financing; anticipated geological, operational and financial performance, business prospects, strategies, regulatory developments, future commodity prices, future production levels of the Corporation’s assets, the ability to obtain financing on acceptable terms, the timely receipt of any required approvals and that there will be no significant events occurring outside of Pacific Coal’s normal course of business. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include changes in market conditions, risks relating to international operations, fluctuating coal prices and currency exchange rates, changes in project parameters, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of equipment or processes to operate as anticipated, and acquisitions not being integrated successfully or such integration proving more difficult, time consuming or costly than expected. Although Pacific Coal has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. Pacific Coal undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. This presentation uses the terms “measured”, “indicated”, and/or “inferred” mineral resources. United States investors are advised that while such terms are recognized by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. Unites States investors are cautioned not to assume that all or any part of mineral resources will ever be converted into mineral reserves. Inferred mineral resources have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable.
Disclaimer Forward Looking Statement
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Vision
Pacific Coal is on track to produce 2.0 Mt of thermal coal in 2012
The Company has a compelling portfolio
of high quality producing assets:
La Caypa (thermal coal) Cerro Largo (thermal coal) CI Jam (coke)
Cerro Largo Mine
Explore, expand and develop existing producing assets to increase efficiencies, reserves and production, while securing infrastructure capacity to capture all aspects of the value chain
Seek opportunities to secure access to markets and ensure commercial flexibility
Foster a culture of citizenship and environmentally responsible stewardship
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Strategy
RAW MATERIAL PRODUCTION
(UPSTREAM)
MANUFACTURING/ PROCESSING (MIDSTREAM)
RETAIL/MARKETING (DOWNSTREAM)
• La Caypa – thermal coal • Cerro Largo – thermal coal • CI Jam – hard coking coal • La Tigra – asphaltite
• Upgraded coke production • Colloidal coal in water (“CCW”)* • Colloidal asphaltite in water (“CAW”)* • Pyrolysis
1. Marketing of thermal coal 2. Marketing of coke 3. Marketing of colloidal products to:
• Power generation plants • Heavy oil producing companies and refineries
CAW/CCW plant • 50% equity interest • Carried interest for
50/50 JV
Pyrolysis plant • 100% equity interest • Not yet constructed • Pyrolysis is a proven
procedure
Vertical integration to secure market access in value-added product streams
*CAW and CCW are technologies being developed by Blue ACF, a company in which PAK has a 5% equity interest, with the right to increase its investment to 20% pending successful trials. Blue ACF received exclusive US Patent for CCW Technology in May 2012.
• 100% ownership and control of La Caypa, Cerro Largo and La Tigra
• Company owns 92% of CI Jam, and controls 100%
4
Source: Management estimates *Q1 2012 numbers
Well-positioned portfolio with diversified current and future production of steam coal, coke and asphaltite
Asset Type Stage Current Production*
La Caypa Open pit steam coal mine with underground potential
Producing 185 Kt
(Coal)
Cerro Largo Open pit steam coal mine Producing 132 Kt
(Coal)
CI Jam Underground coking coal mine upgrading to coke
Producing (ramp-up)
10 kt (Coke)
La Tigra Asphaltite Exploration/ Development
Start mid-2013
Barranquilla Port Port concession for coke export Development -
Port of Santa Marta Puerto Brisa
1 Port Barranquilla
Bogota
2
1
Medellin
Cali
3
1
2
3
4
Asset Summary Diverse Portfolio of High Quality Coal Assets
4
5
5
5
2010A 2011A 2012E 2013E 2014E
Total Production
Cerro Largo
La Caypa
1.2 1.4
2.2
2.7-2.9
3.4-3.6
Source: Management estimates *Includes total production from Cerro Largo Q1/2011, before the acquisition closed
Thermal Coal Production Profile
Robust production growth from existing assets with additional greenfield and consolidation opportunities
Annu
al P
rodu
ctio
n (m
illio
ns o
f ton
nes)
2.0
6
RESERVES & RESOURCES (1) LA CAYPA - (Inclusive of Additional Resources) Surface (Mt) Underground (Mt) Measured 11.2 35.8 Indicated - 17.8
High quality steam coal production with attractive expansion and underground potential
(1) Source: Report titled “NI 43-101 Compliant Technical Report, La Caypa Mine, Department of Guajira, Colombia” prepared by SRK Consulting and dated November 1, 2010 (2) Includes transportation, port, and administrative costs (3) Includes South Pit development at La Caypa (4) Management Estimate
La Caypa Mine Significant Thermal Coal Production
(1)
Location: • Guajira Department, Colombia • Adjacent to Carbones del Cerrejón mine, largest coal mine in South
America
Resource estimate: • 47.0 Mt of measured resource (1) • 17.8 Mt of indicated resource (1)
Area: • 300 hectares
Average BTU: • 12,264 (1)
Average Sulphur: • 0.69% (1)
Operations: • One open-pit mine currently operating ₋ South pit expansion in development with expected start-up in 2012
and potential production of additional 1.0 Mtpa • One underground mine in exploration, expected development in 2013
2011 Production • 1,239,583 t
2012E Production • Approx. 1,300,000 t (4)
Projected Costs (2): • US$85/t (4)
Avg Contract Price: • US$100/t in long-term contracts for 100% of production to 2013
Infrastructure: • Secured allocation at Santa Marta (250 km) • Expected additional capacity at Puerto Brisa, mid-2013, reducing
freight costs by 40%-50%
Current strip ratio: • 8.75:1 (Q1 2012)
LA CAYPA – COAL CHARACTERISTICS (1)
Year Moisture % Ash % Sulphur % CV Btu/lb 2009 10.11 5.78 0.69 12,264
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La Caypa Mine Operations Increasing production and improving strip ratios
(1)
2012 La Caypa production forecasted to rise from 1.23 Mt to approx. 1.3 Mt
Organic growth in 2012 and 2013 driven by:
Expansion of South Pit (2012) Underground mining (2013)
Source: Management estimates * Does not include South Pit – total waste (tonnes) estimated for 2012: 2,516,505
0
50
100
150
200
250
Jan
Feb
Mar
Apr
May Jun Jul
Aug
Sep
Oct
Nov
Dec
La Caypa 2012 Estimated Coal Production (kt)
Coal Production (Thousand Tonnes) -2012 Actual & Forecast (Total: 1.389 Mt)
0
5
10
15
Jan
Feb
Mar
Apr
May Jun Jul
Aug Se
p
Oct
Nov Dec
La Caypa 2012 Estimated Stripping Ratio*
La Caypa 2012 Estimated Operational Stripping Ratio (Total Year: 7.1:1)
Strip
ping
Rat
io: w
aste
: pr
oduc
tion
8
Extension of existing open pit to south of highwall with same premium coal characteristics as the primary pit with a similar CV Btu/lb
Straightforward integration into existing mining operations
Expected production start-up in 2012 with all permits in hand
South pit measured and indicated resources of 7.7 Mt(1)
South pit development to be concurrent with existing mining operations
Potential incremental production of 1.0 Mt per annum
La Caypa Mine South Pit Expansion to Extend Mine Life in 2012
(1) Report titled “NI 43-101 Compliant Technical Report, La Caypa Mine, Department of Guajira, Colombia” prepared by SRK Consulting and dated November 1, 2010
SECTOR +400
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Mine planning underway based on 16 coal seams showing consistent thicknesses suitable for underground mining (average thickness ranging from 2.3 metres to 6.8 metres)
Measured and indicated resource of 53.6 Mt (1)
Potential thermal coal production to increase 0.8 – 1.0 Mtpa expected to commence in 2013
Existing pit provides underground access point with three contemplated levels to depth of 240 metres from pit bottom
Studies underway to determine optimum mining method and design; potential to become the largest underground coal operation in Colombia
Underground potential to drive resource expansion and continued growth in production(1)
ELEVATION: 0
ELEVATION: -150
ELEVATION: -300
Level 1 Cradle
Level 1
Level 2
EXISTING OPEN PIT
La Caypa Mine Underground Production to Drive Growth in 2013
(1) Source: Report titled “NI 43-101 Compliant Technical Report, La Caypa Mine, Department of Guajira, Colombia” prepared by SRK Consulting and dated November 1, 2010 and management projections
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Contains high volatile bituminous type B coal with high calorific values and low sulphur
Cerro Largo – La Divisa Acquisition of Significant Coal Production
(1) Source: Report titled “Independent Technical Report, Cerro Largo Mine” prepared by SRK Consulting and dated February 2011 (2) Includes transportation, port, and administrative costs * Q1/2011 production of Cerro Largo was prior to Pacific Coal acquisition (3) Management Estimate
Location: • Cesar Department, Colombia in the La Jagua de Ibirico coalfield
• Adjacent to licences owned by Drummond and Vale. Glencore is currently operating an open-pit mine on the adjacent La Jagua sector
Resource estimate: • 11.6 Mt – 21.2 Mt inferred (1)
Area: • 488 hectares
Average BTU: • 12,000 (1)
Average Sulphur: • 0.78% (1)
Operations: • One open-pit mine currently operating
Projected Costs (2): • US$90/t, expected to lower US$2/year with improved efficiencies and strip ratio (3)
Q1 2012 Production • 131,895 t*
2012E Production • 700,000 t (3)
Infrastructure: • Secured allocation at Santa Marta (250 km) • Expected additional capacity at Puerto Brisa in
mid-2013, reducing freight costs by 30%-40%
Current strip ratio: • 16.19:1 (Q1 2012) (during ramp up) • Long-term mine plan has been implemented
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Cerro Largo – La Divisa Increasing production and improving strip ratio
2012 Cerro Largo production expected to rise from 298kt to approx. 700kt
Production increase and lower strip ratios due to: New integrated mine plan Commissioning additional mining
equipment
Source: Management estimates
0
50
100
150
Jan
Feb
Mar
Apr
May Jun Jul
Aug
Sep
Oct
Nov
Dec
Cerro Largo 2012 Estimated Coal Production (kt)
Coal Production (Thousand Tonnes) -2012 Actual & Forecast (Total: 0.7 Mt)
0
10
20
30
40
Jan
Feb
Mar
Apr
May Jun Jul
Aug Se
p
Oct
Nov Dec
Cerro Largo 2012 Estimated Stripping Ratio
Cerro Largo 2012 Estimated Operational Stripping Ratio (Total Year: 13.5:1)
Strip
ping
Rat
io: w
aste
: pr
oduc
tion
12
2010A 2011A 2012E 2013E 2014E
CI Jam
Source: Management estimates
Coke Production Profile
High value coke operation with long mine life and coal to coke conversion of ~70%
Annu
al P
rodu
ctio
n in
tonn
es
7,256
60,000-72,000
90,000-120,000
90,000-120,000
Operational adjustments during the first year of operations resulted in reduced production for 2011 (7,256 t of coke produced in Q4 2011)
These adjustments also allowed for infrastructure and capacity to be built up, resulting in longer-term production targets being achieved sooner
Ramp-up in progress 10,547 t of coke produced during
Q1 2012 Expected coke production in
2012: 60,000 – 72,000 t
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Underground coking coal operation selling premium coke into high price environment
CI Jam Coking Coal and Upgraded Coke Production
(1) Source: Report titled “SRK Technical Report Written To Be Compliant With NI 43-101 On Contract 7241, Boyaca, Colombia” prepared by SRK Consulting and dated August 2010 (2) Includes transportation, port, and administrative costs (3) Management Estimate
Location: • Samaca Municipality, in Department of Boyaca • 3,000 small HCC producers in the area
Resource estimate: • 2.8 Mt in situ (1)
Area: • 52 hectares
Average BTU: • 13,800 with coking properties (1)
Average Sulphur: • 0.92% (1)
Operations: • Underground coking coal • Upgrading coking coal to coke
Projected Costs (2) : • US$210/t (3)
2011 Production: • 7,000 tonnes of coke
2012E Production • 60,000 – 72,000 tonnes of coke (3)
2012E Avg Budget Price: • US$270/t (3)
Infrastructure: • Well maintained roads to truck coke to domestic markets and to port terminals (800 km to Barranquilla)
Status: • Completed refurbishment of 160 beehive coking ovens • Completed refurbishment of coker infrastructure
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River Transport Coal Mine Coal/Asphaltite Project Road Ports
Legend
Significant port and road infrastructure in place to support existing regional coal production
Regional Infrastructure Proximity to Infrastructure Supporting Growth
Colombia
Venezuela
Panama
Barranquilla
Cartagena Cartagena Port
Port of Santa Marta
La Caypa
Cerro Largo
La Tigra
Puerto Brisa
Barranquilla Port
Puerto Bolivar
CI Jam
Secured a minimum of 1.8 Mtpa of stockpiling and shipping capacity at the Port of Santa Marta until 2013
Production trucked 250 km by paved highway to Santa Marta at a cost of approximately US$20-$23 per tonne from La Caypa and 280 km from Cerro Largo at a cost of approximately US$23-US$24
Expected capacity at Puerto Brisa provides alternative port location closer to both La Caypa and Cerro Largo with potential to reduce freight costs by 40%-50% and by 30%-40%, respectively
Puerto Brisa construction expected to be completed by Q1/2013, providing additional 35 Mt of specialized coal shipping capacity
15
Pacific Coal acquired a port concession situated on the Magdelena River near the Port of Barranquilla (approximately 5km from the Caribbean Sea) to be used to export coke, specialized coals, and bulk commodity products. Excess capacity at the port can be monetized by selling to other exporters
Pacific Coal plans to tender for engineering, construction and procurement by Q2/2012, expecting to have an early start on coal loading operations with a provisional set-up for Q3/2012
Port of Barranquilla Investing in Long-Term Port Access for Coke
BARRANQUILLA CONCESSION
Main features of the final proposed scheme:
Two portable shiploaders
A pile supported concrete berth with 12 m water depth
Portable Stacker
Coal/Coke piles
Reclaim conveyor alongside the open stockpiles
Office/Maintenance building
FEL receiving hopper (rail mounted)
Overall average loading capacity of approximately 10,000 tonnes per day
BARRANQUILLA CONCESSION
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Profile
La Tigra – Asphaltite
Grahamite
Gilsonite
La Tigra outcrop
Location of La Tigra: • 80 km from Barrancabermeja
Area: • 5,700 hectares
Operations: • Geophysical, metalotelluric, and gravimetric studies are in progress; results expected Q3 2012
• Production start planned for mid-2013
Infrastructure: • 70 km from Bucaramanga with paved roads between Bucaramanga and San Alberto
• 80 km from Barrancabermeja, the centre for petroleum refining and a port on the Magdalena River
Asphaltites are species of bitumen, dark-colored, comparatively hard and non-volatile solids, composed principally of hydrocarbons.
As of today in the La Tigra area, there is evidence for the presence of two different types of asphaltite: Grahamite and Gilsonite.
Management expects a significant resource at La Tigra to be confirmed with a National Instrument 43-101 compliant report – physical evidence on outcrops, oil seeps and 3 mines already in production in the area lead to optimistic forecasts on the existence of important asphaltite reserves.
17
La Tigra’s Asphaltite Applications
Colloidal Asphaltite in Water (“CAW”) • Crushed asphaltite, suspended in water forming a colloid, can
be used as fuel by power generators • PAK and Blue ACF are in the process of developing a pilot
plant test for CAW at Babcock & Wilcox facilities in USA • Significant marketing opportunities as CAW can be sold as a
fuel oil substitute • Management foresees strong market demand for CAW in
Central America and the Caribbean
Colloidal Coal in Water (“CCW”) • Similar to CAW, but using coal instead of asphaltite • Blue ACF CCW trials at Babcock & Wilcox ongoing • In May 2012 Blue ACF received exclusive rights to the patent
for “nano-dispersions of coal in water as the basis of fuel related technologies and methods of making same”
• Blue ACF has a 36-month exclusivity period related to any vehicle developed by Blue ACF for applications of the patent using coal and asphaltite
• PAK has 50% investment option in the development of CCW and CAW plants
Proven Applications
Asphalt modifiers • Oil drilling and mud additive • Metal casings • Paving/roofing asphalts • Paint resins
Pyrolysis • High margin application, potential for substantial volumes • Converts asphaltite to valuable liquid and gas products, and
pet coke • Pet coke is a by-product produced through pyrolysis • Prefeasibility study indicates excellent economics based on
lab tests conducted with Colombia grahamite and gilsonite • Feasibility study in progress in order to select the specific
technology and to conduct pilot plant tests (100% PAK)
Applications in Evaluation Phase
Experimental Pyrolysis Products CCW Trial
18
Pacific Coal Health, Safety, Environment, and Community
Health and Safety Mission: Achieve Health and Safety goals through stewardship, integrity, and empowerment
• The Company encourages its employees to participate actively in safety initiatives and prevention programs
• All of our employees take part in our community health programs as both volunteers and patients
The Company seeks to continuously reduce the number of workplace and operational safety incidents, with the ultimate goal of achieving the lowest accident frequency rates in the industry
• The Company seeks to work with partners with high health and safety policies and standards
• The Company strives for eco-friendly operations wherever possible, by forming strategic alliances with environmental corporations
• The Company maintains weekly updates of its safety performance indicators
Community Mission: Maximize shareholder value while fostering a corporate environment of responsible citizenship and respecting the interests of our stakeholders and members of the communities in which we operate
• The Company aligns its initiatives with the needs and activities of local governments, to contribute to the nation’s progress
• The Company works closely with non-profit organizations to maximize its community efforts
• The Company ensures responsible operations by minimizing wherever possible its impact on the environment
• La Caypa mine named as an example of environmental best practice by SGS at the 8th Annual International Mining Congress
19
Capital Structure
Pacific Coal became a publicly listed company via RTO on March 14, 2011, making the Company the only independent, public coal producer in Colombia
Fully leveraged to rising interest in Colombian coal
Strong sponsorship and institutional investor support
As at April 13, 2012, 11.1 million shares had been purchased for cancellation under the normal course issuer bid
(1) Expiry date March 14, 2016 (2) Based on closing price of $0.19 on 06/08/2012 (3) Includes finance leases
Pacific Coal (TSXV: PAK)
Shares outstanding: 322.1 million
Options (vested & exercisable) 35.8 million
Warrants outstanding with weighted avg. exercise price of $2.10(1) 75.1 million
Fully diluted: 433.0 million
Market cap (basic): Cash (March 31, 2012)
Long-term debt (3) (March 31, 2012)
Enterprise value
$61.2 million (2) $4.2 million $38.9 million $96.0 million
20
Pacific Coal Achievement Scorecard
Achieved In Progress
Completion of amended NI 43-101 at La Caypa and Cerro Largo O Commencement of development of south pit expansion / Commencement surface work for underground at La Caypa Implementation of integrated mine plan at Cerro Largo Transition from Port of Santa Marta to Puerto Brisa, reducing freight costs by 30%-50%
O
Completion of refurbishment of 160 beehive coking ovens at CI Jam Commencement of exploration at La Tigra Completion of NI 43-101 on La Tigra O Development of Port of Barranquilla O CAW tests and trials CCW tests and trials O
21
High-grade material of which global supply is permanently depleting and thus carrying premiums
High-quality coal characteristics – high BTU, low moisture, low ash, low sulphur
Access to international markets via ports – improving efficiencies and cost reductions
Opportunities to develop projects to access growth markets such as coking coal and colloidal fuels
Strategically located, high-quality projects in a world-class jurisdiction with significant growth potential
Pacific Coal Summary
22
Luis Arturo Carvajales – Chief Executive Officer
More than 20 years of experience in the mining industry, holding management positions in marketing, sales, logistics, and serving as legal counsel
Most recently President / Legal Representative of Carbones Colombianos del Cerrejon S.A.
Miguel Velasquez – Chief Financial Officer
Over 25 years experience as Finance & Administrative Manager for companies in Colombia and at Colombian branches of Canadian companies
Peter Volk – General Counsel and Secretary
Mr.Volk has acted as General Counsel and Secretary of several Canadian public companies including PetroMagdalena Energy Corp., Pacific Rubiales Energy Corp., Gran Colombia Gold Corp., and Bolivar Gold Corp.
Investor Relations
Belinda Labatte, Principal Greg DiTomaso, Director, Investor Relations and Special Projects
Executive Management Strong and Experienced Team
23
APPENDIX
24 Source: Ingeominas Colombian Institute of Geology and Mining; Energy Information Administration; Reuters; Intierra
Colombia is the world’s 10th largest producer (76 million tonnes in 2009) and 4th largest exporter of coal
Coal represented 25% of total export earnings for Colombia in 2009
Colombia has one of the largest proven coal reserves in the world, with over 7 billion tonnes of recoverable reserves and 17 billion tonnes of potential reserves
Colombia’s estimated 2011 coal production is 85 million to 95 million tonnes
Pribbenow (Drummond)
Calenturitas (Glencore)
La Francia (Goldman Sachs)
El Descanso (Drummond)
La Jagua (Glencore)
Cerro Largo
LA GUAJIRA DEPARTMENT
CESAR DEPARTMENT
La Tigra
CI Jam
Cerrejon (BHP/Xstrata/Anglo)
La Caypa
Colombia A World-Class Coal District
El Hatillo (Vale)
25 Source: BP Statistical Review of World Energy and Bloomberg *Economist Intelligence Unit
Colombian Coal Production (Mt) DMTU Thermal Coal Price (FOB Puerto Bolivar)
Colombia A World-Class Coal District
Colombia is a significant coal mining region with 2012 production forecast to exceed 87 million tonnes*
0
10
20
30
40
50
60
70
80
90
100
Production in Mt
2012
E* $-
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
CAPP Coal Futures FOB Puerto Bolivar
Average contract price in 2012: $100
26 Source: Management estimates, Fraser Mackenzie research, and Bloomberg * Peers: Corsa Coal Corp., Forbes & Manhattan Coal Corp., Lipari Energy, and Xinergy Ltd. ** Production sales as of most recent quarter on an annualized basis
Valuation Metrics Opportunity For Re-valuation
As at May 16, 2012
1.8x
3.6x
$0
$1
$1
$2
$2
$3
$3
$4
$4
Pacific Coal Peer*
EV /
EBI
TDA
1.4x
11.0x
$0
$2
$4
$6
$8
$10
$12
Pacific Coal Peer*
EV /
Res
ourc
e
72.1x
86.5x
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
Pacific Coal Peer*
EV /
Ton
ne S
old
