A $600 million coal mine just sold for less than $1

On Thursday, Bloomberg reported that the biggest American producer of coking coal, Alpha Natural Resources, could file for bankruptcy as soon as Monday.

Glencore, Sumitomo buy Rio Tinto coal mine stake for $1 bn

MELBOURNE/LONDON: Rio Tinto has agreed to sell its majority stake in Australia's third-largest thermal coal mine to Glencore Xstrata and Japan's Sumitomo Corporation for just over $1 billion, pushing ahead with plans to focus on larger, core operations.