Investors dump coal stocks

Canadian coal stocks got hammered Wednesday as investors followed an international trend and sold off shares.

A drop in coal pricesof $20 a tonne, or about 10 per cent,was behind the nosediving shares.

Stock declines inToronto, between 11 and 16 per cent, were larger than those in New York or London.

Units of Fording Coal, the leading Canadian producer,closed down $15.60 or 16.2 per cent at $81.70 in TSX trading.

Western Canadian Coal Corp. fell 10.7 per cent or 96 cents to $8,andGrande Cache Coal Corp. lost 15.9 per cent or $1.36to $7.21.

In London, a number of major producers closed down about five per cent, includingBHP Billiton, Xstrata,Anglo American andRio Tinto.