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I hear you. 2009 will be tough. But until megaprojects like http://www.suratbasinrail.com.au/ and Wiggins Island fall over http://www.dme.qld.gov.au/media_centre.cfm?item=417.0 the majors are still looking through the current turbulence. Once those go Ill be concerned.

There is still an awful lot of coal infrastructure being planned for the Bowen Basin right now. Until that infrastructure gets cancelled Im not prepared to call it dead.

The boom will come back. Coal prices are indirectly tied to oil prices. NYMEX oil (light) price futures are sitting at $US 58 per barrel for Jan 2010 delivery ($US 35 for Feb 09 delivery). And I still believe in peak oil.