The Coal Trader



To provide investors with a unique lens on the mining and coal sectors in order to successfully allocate capital throughout the commodity and CAPEX business cycle.

The Coal Trader - David Dyer
My wife did not like the other pic, and recommended this one.

David N. Dyer, PG

Consultant & Coal Analyst

I am a Coal Analyst with over 18 years of broad based international experience evaluating and developing natural resources, analyzing commodity markets, and forecasting prices. My passion intersects where extractive resources meet financial markets.

I have real world – “boots on the ground” experience in the mining and energy sectors throughout the US and abroad: Australia, Canada, Indonesia, Mexico and South America. In my early career as a consultant, I managed numerous coal exploration projects around the world and developed resource & reserve models for JORC and NI 43-101 compliant reports. From there I moved into successively more strategic roles, from managing and negotiating coal leases, to budgeting, forecasting coal prices, auditing, and performing various financial analyses as warranted.

In my latest venture, I am delving into public coal markets, leveraging my extensive experience to provide an insider’s perspective on public coal equities. serves as your independent equity research resource, free from the usual hype and political agendas that characterize traditional Wall Street investment institutions. I hope you’ll find this viewpoint not only refreshing but also invaluable in your decision-making process.

If you need an independent third party review of coal markets, private transactions, or anything coal related, feel free to contact me at

Free Stuff

Coal Sector News Aggregation

The Homepage is full of pertinent news to the coal industry. These articles have been aggregated from around the web and have been manually curated for TheCoalTrader audience for FREE. 

Coal Mining Coal News Coal Markets

Coal Market Information

From the main navigation, you can review Coal Markets data such as Weekly coal price charts for the last 12 months, Monthly coal price charts since the indexes began, as well as the current forward curves for each coal futures contract.

See Here for Met Markets,

And Here for Thermal Markets


Coal News & Price Data

TheCoalTrader’s Newsletter provides daily blurbs and summaries from various coal rags and news from around the web. The Newsletter also provides price data for various global thermal and metallurgical coal indexes around the world. The Newsletter is delivered to your inbox every day but is also accessible online here.

Coal Mining Coal News and Price Data
Premium Articles

Company & Sector Specific Articles

Premium Articles are written by TheCoalTrader provide coal producer and sector specific special situation deep dives which aid in the readers knowledge and learning of industry intricacies, and provides an edge in resource investing.

These articles also provide periodic forecasts for industry specific trends, including spot pricing and forward curves, supply/demand fundamentals, and much more.

Detailed Company Write-ups

Company Specific Deep Dives

Premium Articles include company deep dives and the Premium Bundle includes access to TheCoalTrader’s Substack. 

See the sample below on the Donkin Mine & Morien Resources, for example:

Coal Mine Preview
Equity Assessments

Equity Research & Long Term Assessments

Premium Subscribers get access to TheCoalTrader’s long-term fundamental outlook for each coal producer which is covered. See here for coverage.

The Coal Portfolio

Proprietary Coal Portfolio

Premium subscribers get access to TheCoalTrader’s own coal portfolio. This portfolio is generally aligned with the equity research and long-term assessments and includes long and short, common shares only positioning, for real skin in the game. The Coal Portfolio is benchmarked against the COAL etf and the S&P 500.

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Coal Equity Coverage

Producer Financial Results & Forecasts

Each coal producer has a dedicated webpage providing a lookback over its financial history, an executive summary for the investment thesis, and financial forecasts including EV/EBITDA and FCF Yield analysis.

Earnings Transcripts

Earnings Call Notes

Each quarter TheCoalTrader provides analysis and notes in order to walk subscribers through each coal producers’ earnings transcript. This is a favorite new feature for Premium Subscribers.

Coal Mining Earnings Call Transcripts Notes
Technical Analysis

Monthly Chart Review

In addition to the fundamental analysis and equity research, TheCoalTrader provides a monthly review and technical analysis interpretation for each coal producer.