CanAm Coal Corp. may seek acquisitions. "We have no plans over the next six to 12 months to target acquisitions.

(But) if the right opportunity comes along, we'll take a look at it. There are at least three or four small companies out there that are trying to sell. They typically have 3 (million) to 10 million tons of coal reserves.

The big players are not selling; they have 100-million-plus tons of coal reserves that they're holding on to. Obtaining financing for smaller junior mining companies is nearly impossible, which is forcing the small players to sell. Some of the companies have no cash flow or revenue and they're desperate to divest assets or to create a joint venture," President and Chief Executive Officer, CanAm, Jos De Smedt said to Steel First.