There is no doubt that Battulga's rise is an unanticipated fly in the ointment, but I'm not sure that I care that much about North Korea from a MMC investment standpoint.
As far as I can tell, North Korea is only relevant to MMC to the degree that its superior quality metallurgical coal stock is a competitor to MMC in the Chinese market. The more intransigentyl North Korean leadership behaves, the less coal the country will be exporting to China.
In addition, military and aerospace is an important end market for steel, so military build-up in the region (e.g., South Korea, Japan, China) could pose an unanticipated economic benefit by tilting the demand curve for steel upward.
At the end of the day, we're talking about a $233 million market cap stock, not a $233 billion market cap stock. A lot of the stuff that could go wrong already has. Could there be more shoes to drop? Undoubtedly, but it feels like there is a lot more potential upside at 0.176 HKD than downside when you look at the market potential, even on a stand-alone basis.
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