In fact, producers are facing several years, if not decades, of low prices, anaemic demand, chronic overcapacity and “margins” that would scare most non-coal businesses into closing their doors. But not coal producers, he said.

“This is a resilient and optimistic bunch, accustomed to long periods of low real prices and profitless years,” he said.

“They have been here before although they will find that this extended poor market is just the beginning.

“With concentrated global action underway to address climate change and with the cost of renewable energy on a swift and impressive decline, many coal producers may finally meet their Waterloo. A long, slow harvest is inescapable.”

There will be survivors, of course, who will be focused on strategies that lower cost and allow them to compete, Roberts said.

“Others will turn to long-term strategies that could include energy diversification. But these steps will not alleviate the pain that all coal producers must face in the next few years.”