I’m guessing that the approximately 33% increase in CLF's share price during the past two days might be foreshadowing sale of the Pinnacle and Oak Grove Coal assets.
CLF sold its Logan County Coal Assets to Coronado Coal LLC at the beginning of the year. Recently, Coronado was designated backup bidder for Patriot Coal Corporation’s coal assets where Blackhawk Mining was the successful bidder. However, the sale was subject to court approval (which was scheduled to occur at 1000h today).
If Blackhawk’s bid is confirmed by the court, then Coronado might use the funds they were holding in reserve as the backup bidder for the Patriot Coal assets to purchase CLF’s assets instead.
Announcement that court review of the Patriot/Blackhawk transaction was due at 1000h today (click Confirmation hearing button): https://cases.primeclerk.com/patriotcoal/