Coal, Under Siege
A coal train from Colombia's Cerrejon mine was derailed by a guerrilla bomb attack early Tuesday morning, disrupting the mine's transport operations to the coast though exports were unaffected, the company said.
Cerrejon, operated by BHP Billiton and Xstrata, said the attack took place on the Caribbean coast but no one was injured in the assault.
Local television showed images of scores of train wagons lying upended and mounds of spilled coal covering the tracks in the remote, La Guajira desert region.
"The attack will not affect shipments of coal to the international market," Cerrejon said in a statement. "It is estimated that in a few days coal transport operations to the port will be return to normal."
Cerrejon has sufficient inventories to ensure shipments go on, a company spokesman said earlier.
If you’re looking to trade the coal space keep an eye on Greenbriar counsels Pete Najarian. I think it’s undervalued.
Got something to to say? Send us an e-mail at email@example.com and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment but not have it published on our website send your e-mail to firstname.lastname@example.org.
Trader disclosure: On May 27, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Macke Owns (INTC), (DIS), (MSFT), (EMC), (WMT); Adami Owns (C), (GS), (INTC), (MSFT), (AGU), (BTU), (NUE); Najarian Owns (AAPL), (BHI), (BUD), (TSO), (XLF), (HPQ) ; Najarian Owns (BAC) Puts; Najarian Owns (JNPR) Calls; Finerman Owns (GS); Finerman's Firm And Finerman Own (FLS), (HD); Finerman's Firm Owns (MSFT), (SUN), (TSO), (VLO), (AAPL); Finerman's Firm Owns SPX Index Puts; Finerman's Firm Owns (C) And (C) Leaps, Finerman Owns (C); Finerman's Firm Is Short (IYR), (IJR), (MDY), (IWM), (SPY)