South Africa's National Union of Mineworkers (NUM) said on Monday it would seek a 14 percent rise in salaries from the country's gold and coal miners in upcoming wage talks. "We are asking for a 14 percent (increase) across the board for companies in gold mining and coal mining," said spokesman Lesiba Seshoka, adding that more details would be provided later.
Coal Mining News
Indonesia will audit over 8,000 existing mining permits to make sure they are in line with mining and environmental laws, the country's finance minister said on Monday, days after the country passed new regulations on environmental protection. President Susilo Bambang Yudhoyono last week signed a two-year moratorium on permits for logging and another decree allowing underground mining in protected forests if conditions such as an environmental assessment had been met.
Cavico Corp. (Nasdaq:CAVO) a major infrastructure construction, infrastructure investment, and natural resources conglomerate based in Vietnam, announce that Prime Minster Nguyen Tan Dung has approved its proposal for a project to construct a vertical coal mine shaft in Vietnam. Read more
The U.K. has committed to halving its carbon emissions before 2027 following the publication of its ambitious fourth carbon budget. The rollout and development of renewable energy technologies, as well as the construction of new nuclear power plants, will play a key part in reducing the country's carbon emissions 50% when compared to 1990 levels. This will mean that net emissions for 2023-27 should not exceed 1.95 billion tonnes of carbon dioxide equivalent.
Forbes reported that demand for Appalachian coal should drive up profits for US producers. The market news is quoted as saying: India and Europe will likely to import more of the plentiful, dirtier-burning coal used by electric plants, Brean Murray Carret & Co. analyst Jeremy Sussman said in a research note Friday.
The Sydney Morning Herald reports on Friday that the state of New South Wales announced a 60-day freeze on new exploration licences for coal, coal seam gas and petroleum in a push to resolve the escalating conflict between farmers, miners and conservationists over land use. The need for a moratorium was questioned by the state's mining industry, which said billions of dollars in investment were at stake, but it said it broadly supported the development of a new approach to avoid conflict over valuable land.
To hear the mainstream media tell it, the commodities bubble has burst. Commodities are plunging across the board in response to the latest U.S. data, most of which seems to suggest that the American economic recovery is waning. Oil, which closed at $100 a barrel yesterday, was particularly hard hit, which is why so many suggest the commodities bubble has met its end.
The West Virginia Governor's Independent Investigation Panel announced Thursday its findings that the explosion that killed 29 miners at the Upper Big Branch coal mine on April 5, 2010, was preventable. J. Davitt McAteer, the former head of MSHA, who headed the state investigation, told the news media "a great deal went wrong. A great many problems occurred that led to this disaster."
Pacific Coast Plaza to buy 3.6m tons of coal valued at over $300m from Global Earth Energy & Modern Coal
Global Earth Energy and its Texas-based joint venture partner Modern Coal announced on Thursday the offer by Pacific Coast Plaza Inc. to purchase 100,000 metric tons of coal per month for a period of 36 months. The price of coal is approximately $85 per metric ton valuing the deal at over $300 million. The current plan is to have the coal loaded on barges from a suitable port yet to be determined.
Bloomberg reports on Thursday that GVK Power & Infrastructure, a builder of airports and utilities controlled by Indian billionaire GV Krishna Reddy, is in talks to borrow as much as $850m to fund the purchase of two Hancock Prospecting coal mines according to people with knowledge of the negotiations. GVK will use the money to pay Hancock $500m for equity in the mines and another $350m as compensation for costs incurred by the Australian company for running them.
Latin America used to be known for its economic and political instability. But it fought off the global financial crisis with relative ease. Poverty is now falling, the middle classes are growing rapidly and asset […]
Cliffs Natural Resources announced that underground mining operations at its Oak Grove mine in Alabama, have now resumed after being stopped abruptly 2 weeks ago - after the mine was hit by severe weather, including a tornado storm on April 28th.
Last year's death of 29 miners in one of the worst mining disasters in US history "could have been prevented," a panel concluded Thursday, blasting the owner for lax safety at the Upper Big Branch mine. The report into the West Virginia blast, the deadliest US coal accident since 1970, also found that Massey Energy Co. miners lacked adequate training in safety and called for tougher enforcement powers for US federal and state mine inspectors.
NEW YORK (TheStreet) -- International Coal Group (NYSE:ICO) hit a new 52-week high Thursday as it is currently trading at $14.52, above its previous 52-week high of $14.51 with 6.9 million shares traded as of 1:21 p.m. ET. Average volume has been 13
May 19 (Bloomberg) -- China’s stocks fell for the first time in three days, led by property developers and power producers, on concern the central bank will boost borrowing costs and higher energy costs will hurt corporate earnings. Poly Real Estate
International mining equipment manufacturer Bucyrus reports that its latest development, the 35M continuous miner, has attracted a lot of attention from South African colliery operators constantly on the lookout for machines that mine coal more cost effectively and efficiently. Read more
Commodities trader Glencore's bumper public offering has increased interest in Hong Kong listings from across the mining sector and will prove a welcome boost to the bourse, a senior executive at the exchange said. The world's largest diversified commodities trader is set to make its market debut in London and Hong Kong next week, in what could be a record listing, with Glencore [GLEN.UL] hoping to raise $11 billion.
(RTTNews) - The UK market is trading higher in afternoon trading Thursday, amid some positive earnings news as well as consolidation in commodities prices.
Coal India, the world's largest coal producer, is on a high. The state-run company is set to pick up a 15% stake in a joint venture with US-based coal firm Peabody Energy's $600 million mining project in Australia. The deal size could be upwards of $100 million. Officials privy to the discussion said both the companies were mulling over the exact details and were to form a joint venture company to tackle the Wilkie Creek coal mine, in Queensland, Australia, which is owned by Peabody.
Los Angeles Times published a photo essay on May 14 looking at child labour in the coal mines located in India: "Times South Asia bureau chief Mark Magnier and photojournalist Daniel Berehulak report on the mining situation in the Jaintia Hills district of India, located in the northeastern state of Meghalaya. Perhaps as many as thousands of underage workers as young as 8, lured by the wages, leave school to work in coal mines under perilous conditions."
As the chart below demonstrates commodity prices are driven by different factors. The precious metals prices have been the hyperbolic driver of headline commodities news relative to the broader based commodities index and oil. The latter two are more geared to industrial use as gold’s commercial use is limited. The chart highlights the divergence in the components of the commodities index. iShares S&P GSCI Commodity-Indexed Trust (GSG) tracks 24 different commodities including energy (67%), industrial metals (16%), livestock (7%) and precious metals (3%).
Advances in energy and agriculture are creating demand for previously ignored metals such as scandium, tellurium and indium. In this exclusive interview with The Energy Report, Mining Analyst John Kaiser, editor of Kaiser Research Online, explains the science that could exponentially increase the value of overlooked stocks.
While China continues to make asset driven economic decisions and now looks like a traction control experiment where the economy is like a car that is driving on ice that doesn't yet know it, QE2 ignited the bunsen burner for commodity price speculation. Last I checked, Ben Bernanke has decided to continue on with QE2 but has decided that QE3 is probably a bad idea because the true positive impact of additional money coming into the economy would be more than offset by inflation. In my opinion he's making the right call, but this call is likely going to put downward pressure on commodities and other assets.
QE, of course, only happens when interest rates hit the zero bound, so it’s impossible to disentangle the effects of QE from the effects of G3 interest rates all coming down to 1% or lower. But the effect of all these investment flows is clear: if you look at commodities as an asset class, total commodity assets under management have risen from just over $150 billion at the end of 2008 to over $400 billion today.
Often located in some of the world’s most sparsely populated areas, developing mining projects in resource-rich areas more often than not means working in some of the most isolated regions known to man. From Azerbaijan to Zimbabwe, operators face a common challenge: that of ensuring the local infrastructure is able to support the demands placed upon it by a profitable mining operation.