David Tendian, CFO of Adaro Energy (ADRO), predicted in May 2013 that coal prices would recover in the fourth quarter of 2013 to US$95-100 per ton. We all know that price of the commodity stopped falling in the quarter, but the benchmark price of Indonesian coal was only around US$80 per ton (6,200 Kcal/Kg). Shares of Adaro gained almost 100% from its bottom in August to December 2013, but then retreated in the past few weeks.

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