I'm really not excited about mining, particularly coal mining and I get the ethical concerns. But seriously, the relative value here at the moment compared to other parts of the market is too high to ignore.

Take New Hope: it currently pays what looks like a relatively sustainable dividend yield of around 10%, even with coal prices subdued. Production is set to double, backed by proven management and it has a sensible balance sheet.

I think investing is about breaking one's rules selectively..Looking at valuations in other parts of the market, this is one of those times.