The Huntington News reports Thursday two protesters associated with the portentous Radical Action for Mountain People's Survival Campaign, continue to occupy trees within the Bee Tree surface mine's blasting zone, where they have stopped mining for eight days. The Bee Tree mine is situated on the aptly named Coal River Mountain in West Virginia and is owned by Alpha Resources, the company that bought the original owners of the mine, Massey Energy which last year was responsible for the worst US mine disaster in 40-years after keeping fraudulent safety records.
Coal Mining News
Consol Energy reports fifth consecutive quarter of record coal revenue; US thermal coal sold out due to hot weather
CONSOL Energy, a diversifed fuel producer in the Eastern United States, reported adjusted net income of $174 million or 76 cents per diluted share, in the quarter ended June 30, 2011, an increase of 69% from the adjusted net income of $103 million for the quarter ended June 30, 2010. The financial results were aided largely by the coal division, which posted record revenue of $1.212 billion. This was the fifth consecutive quarter of record revenue for the coal division.
Swan Hills Synfuels secures $285 million grant from Province of Alberta to build carbon capture and storage project
The Province of Alberta and Swan Hills Synfuels are advancing a clean gas for clean power project that will dramatically reduce emissions by capturing and sequestering over 1.3 million tonnes per year of CO2. The province has executed a letter of intent with Swan Hills Synfuels to provide a $285 million grant in support of this carbon capture and storage project.
ATHENS (AFP) - Cash-strapped Greece could save billions of euros in environmental and health costs by abandoning a reliance on coal-fired electricity production, Greenpeace activists said on Thursday. "At a time when Greek citizens are making
ASX-listed Cougar Energy on Thursday said that it would seek a review of the Queensland government’s decision to restrict the company’s activities at the Kingaroy underground coal gasification trial site.
Councillors voted in favour of the project to turn Tower into a huge opencast mine and excavate around six million tonnes of coal. The scheme, which will create up to 200 full-time jobs, will also restore former industrial spoil tips, old pits and iron
Junior Universal Coal, which is listed in Australia, has taken a up a 40% stake in the Berenice project in South Africa’s Limpopo, after completing the first phase of drilling at the coking coal project.
Major miner Xstrata is making an agreed $153 million bid for Canada's First Coal Corporation which owns coking coal exploration leases in British Columbia Miner Xstrata has made an all-cash bid for privately held Canadian miner First Coal Corporation, it
Coal India, which is keen to acquire coal mines abroad, has finished its initial negotiations with Indonesia's Golden Energy Mines and is awaiting the Indian government's nod for a $1 billion buy. The world's largest coal miner, Coal India, is seeking
Universal Coal (ASX: UNV) has moved to a direct 40% ownership of the Berenice Coking Coal Project and the Somerville project in South Africa, post the completion of the first phase of drilling and the updated resource estimate - which was completed by GEMECS. The significance of the ownership for Universal Coal is that Berenice hosts a coking coal JORC Resource of over one billion tonnes, with 218 million tonnes Indicated and 840 million tonnes Inferred.
A mining company has abandoned plans for brown coal exploration in south-west Victoria because of community opposition.
Joy Mining Machinery has released its new 12ED25 mid-seam simultaneous cut and bolt entry driver, with the first unit shipped to a mine in the western US. The mine will use the new machine to develop its longwall gate access roads.
After a marathon mediation session that ended just before dawn Wednesday, mining company Massey Energy settled a 7-year-old lawsuit with hundreds of southern West Virginia residents who claim the company poisoned their drinking water supplies with coal slurry.
Bloomberg reported that the state-run power company in Serbia has received a loan from the European Bank for Reconstruction and Development to upgrade its coal mines. The market news is quoted as saying: The loan,
As global coal demand continues to increase, Patriot Coal Corporation (NYSE:PCX) (St. Louis, Missouri) is continuing construction and preparations to increase production at the company's mines. At a conference call yesterday discussing the company's second fiscal quarter, Patriot President and CEO Richard Whiting spoke about the company's expansion of its metallurgical coal mines, known as the "Met Build-Out" project.
Despite a flurry of mergers and acquisitions and a robust IPO market reports out on Wednesday suggest that fear is slowly replacing greed in the mining finance business. The Financial Post reports for investment bankers, the low-hanging fruit is long gone and the biggest financings are now high-risk: gold juniors in Africa, coal in Colombia and an infamous Quebec lithium play that overstated its resource. Global Mining Finance's July round-up says untrustworthy financial and resource reporting, threats of new royalty regimes, "super-profit" and carbon taxes, political turmoil, strikes and government takeovers are worrying resource investors all around the world.
Alliance Resource Partners, L.P. reports record quarterly results; announces development of Gibson South Mine
Alliance Resource Partners, L.P. (NASDAQ: ARLP) today reported record financial results for the quarter ended June 30, 2011 (the "2011 Quarter"). Record coal sales volumes combined with record average coal sales prices drove revenues in the 2011 Quarter to a record $457.9 million, an increase of 14.4% compared to the quarter ended June 30, 2010 (the “2010 Quarter”). ARLP also posted records in the 2011 Quarter for EBITDA, which increased 13.7% to $146.7 million; net income, which climbed 14.9% to $98.2 million; and net income per basic and diluted partner unit, which increased 12.1% to $2.04 per unit, each as compared to the 2010 Quarter.
Coal producer Patriot Coal Corporation (NYSE: PCX - News) posted operating earnings of 13 cents per share for the second quarter, surpassing the Zacks Consensus Estimate of 10 cents.
Mongolia's state-owned miner Erdenes Tavan Tolgoi (TT) has agreed to sell $250 million worth of coal from the east Tsankhi deposit to Aluminium Corp of China Ltd (Chalco) , a move insiders said was aimed at raising cash to help fund its impending listing fees. Under the agreement, Chalco would resell 30 percent of the coal to Japanese trading houses Itochu Corp and Mitsui as well as state-owned Korea Resources Corp (KORES), Erdenes TT LLC said in a statement seen on Wednesday.
Shri Beni Prasad Verma, Union Minister for Steel, said that India will become the world's second largest producer of steel by 2013.
Gloucester Coal increased its fourth quarter sales by 16 per cent from a year earlier.
Cockatoo Coal (ASX: COK) has entered into a A$65 million loan agreement with KEB Australia Ltd (KEBA) for the ongoing development of the company's coal assets, infrastructure requirements, and working capital.
FLSmidth has been awarded a contract worth approximately EUR 25m (approximately DKK 180m) by Jhabua Power Ltd. for the supply and installation of the first phase of a 1,800 tons per hour coal handling plant for their upcoming power plant project at Jhabua in the state of Madhya Pradesh in central India.
Patriot Coal Corporation (NYSE: PCX) today reported its financial results for the quarter ended June 30, 2011. For the 2011 second quarter, the Company reported record revenues of $632.2 million and record EBITDA of $70.2 million. Revenues and EBITDA for the year-ago quarter were $539.0 million and $40.6 million, respectively. For the six months ended June 30, 2011, the Company reported revenues of $1.2 billion and EBITDA of $118.8 million. Revenues and EBITDA for the first half of 2010 were $1.0 billion and $85.8 million, respectively.
Downer EDI Ltd has secured contract worth more than $400 million with mining giant Xstrata Coal for development of a coal handling and preparation plant (CHPP) at its Ravensworth North Coal Project. The project, expected to secure over 400 jobs in the