Core Natural Resources (CNR) in Black Bear Value Partners Q1 2025

Positioned for Long-Term Growth in Metallurgical Coal

May 09, 2025

Summary

Leading producer of metallurgical and thermal coal.
Potential risks from retaliatory tariffs due to export dependency.
Projected increase in met coal demand driven by Asian urbanization.
Fortress balance sheet and cost advantages.
Long-term demand expected to outstrip supply, supporting higher prices.

Core Natural Resources (CNR, Financial) was discussed in Black Bear Value Partners' Q1 2025 letter as a compelling investment, resulting from the merger between Consol and Arch Resources. As a leading producer of metallurgical and thermal coal, CNR faces potential risks from retaliatory tariffs due to its export dependency. However, the projected increase in met coal demand, driven by urbanization in Asia, positions the company for long-term growth. With a fortress balance sheet and cost advantages, CNR is expected to benefit from demand outstripping supply, leading to higher prices.

"Met coal demand is projected to climb for the next 25 years, driven by the economic development and urbanization in India and the rest of Southeast Asia." — Black Bear Value Partners, Q1 2025 Fund Letter

Read full letter at gurufocus Blackbear Partners 2025 Q1 page.

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