AKM

AKM found lots of coal in Mongolia.  Lots.

But the problems are many.  First, you had to deal with a poorly educated Mongolian politicians (until one took over, and he holds a MBA from Harvard) who have to scream nationalization to win poorly educated voters, then you have huge infrastructure problems from mining to transporting it to your customers (with different railway gauges and inadequate ports) and then you have to deal with one and only principal customer... Chinese government.  Selling to Koreans and Japanese is a good idea but getting the coal to them is difficult.

Hence, for a long time AKM was giving me good paper profit but now it has gone slightly underwater.  Reality has sunk in.