Arch Coal has completed its acquisition of International Coal Group through a merger, with ICG becoming a wholly owned subsidiary of Arch. The aggregate value of the transaction totalled $3.4 billion. The acquisition adds nearly 13 Mt of low-cost Appalachian thermal coal production to Arch’s vast domestic thermal coal portfolio, solidifying the company’s number two position among US-based coal miners. With expected metallurgical coal sales of 11 Mt in 2011, Arch also becomes the second largest US metallurgical coal producer and a top ten global supplier to steelmakers. By capitalising on expansion opportunities, Arch expects to boost its metallurgical coal output to nearly 15 Mt by 2015.
Coal Mining News
DTE Energy has received approval from the San Joaquin Valley Air Pollution Control District in California to convert a coal-fired power plant to biomass fuel. In July 2010, DTE bought the plant, which was closed […]
Shares of giant Russian steel and coking coal producer Mechel OAO fell over 4% in midday trade in New York on Wednesday on news it has halted operations at its Sibirginskaya mine due to high gas levels in a mined-out area. Mining works at the site were halted and all miners returned to the surface.
According to the latest BP Statistical Review of World Energy coal consumption grew by 7.6% in 2010, the fastest global growth since 2003. Coal now accounts for 29.6% of global energy consumption, up from 25.6% 10 years ago and the highest since 1970. Chinese consumption grew by over 10% and China last year consumed nearly half of the world’s coal. In contrast just 1.8% of global energy consumption comes from renewable sources such as hydroelectricity, biofuels, wind and nuclear power stations. The comparative figure a decade ago was 0.6%.
Diversified Australian miner Astra Mining announced on Wednesday plans to list on the Frankfurt Stock Exchange before the end of August after two days earlier inking a deal to enter the Nigerian market and further expand its global presence. Deal-hungry Astra Mining’s global portfolio includes gold and tin interests in south east Asia and southern India, coal mines in Australia, iron ore in India, manganese in Africa and the commercialisation of a new high-strength steel technology from a base in Hungary.
Argus Media reports the US coal industry is concerned the federal government may change how it determines the value of coal reserves leased on federal lands in a way that could raise producers' costs. Coal producers and other industry members are evaluating an advanced notice of proposed rulemaking the Department of the Interior released on 27 May, questioning how a possible restructuring of the department's coal valuation process could affect leasing costs.
The Financial Chronicle reports on Tuesday Tata Power, Adani group, Lanco Infratech and Reliance Power, among other Indian coal importers, are waiting to assess the impact of the Indonesian government attempts to benchmark its coal prices to international indices. The new method that will come into effect from September attempts to link the royalties paid to the Indonesian government to an index of coal prices for Australian and South African coal in addition to others, a move that could lead to higher prices.
More than 400 workers at Melbourne-based BHP Billiton coking coalmines began strikes on Tuesday for the first time in a decade, disrupting production from the world’s largest exporter and adding to the woes of an industry already hard hit by summer floods. Analysts believe the industrial action, added to the 15% cut in annual production caused by monsoon rains and a cyclone, will support rampant prices for steel-making coal which hit an all-time high in April of $330 per tonne.
Prophecy Coal Corp. announced on Tuesday it has entered into an arrangement with the Port of Sovgavan in the State of Khabarovsk, Russia whereby Prophecy will have initial access to port allocation of 25,000 tonnes per month starting in June, potentially expandable to 50,000 tonnes per month. Prophecy's Ulaan Ovoo mine commenced production in 2011 and year to date the mine has produced a total of 200,000 tonnes of coal, currently being stockpiled. In total, over $25 million has been committed or invested in the equipment and commissioning of the mine.
Xstrata Plc will start exporting iron ore concentrate to Asian buyers from Australia on Wednesday as part of a A$589 million redesign of its Ernest Henry copper and gold mine, the company said on Tuesday. Exports of the magnetite-type material at a rate of 1.2 million tonnes a year are a key component of Xstrata plan to transform the Ernest Henry mine from an open-cut design to an underground one, the company said.
As a coal industry study points to up to 14,000 jobs at risk, Prime Minister Julia Gillard says a carbon price will create more jobs in mining. An Australian Coal Association (ACA) survey of 82 […]
New Delhi, June 14 (PTI) Coal Minister Sriprakash Jaiswal has invited Czech Republic firms to invest in the coal sector in India.
Chinese asset managers are rushing to launch funds that invest in natural resources and precious metals overseas, responding to feverish domestic demand for inflation-hedging tools.
Central Europe’s biggest hard coal mining company OKD says it is sticking to a low-risk production portfolio in spite of ‘booming demand’ for coke to make steel. General Manager Klaus-Dieter Beck told a press conference on Monday that two years ago the company could hardly sell its coking coal, largely used for steelmaking. Now, it can barely keep up with demand. OKD last year produced jut over 6 million tonnes of coking coal, or 52% of total production.
According to a detailed report in the U.K.'s Sunday times newspaper, Global mega commodities group, Glencore, which recently listed in the London stock Exchange's largest ever IPO, is considering a what appears to be a £12 billion (US$20 billion) friendly takeover of European-based diversified mining and metals company, ENRC (Eurasian Natural Resources Corporation). If such a move takes place this would convert Glencore from the world's largest commodities trading group into one of the globe's biggest integrated mining and metals companies - even without taking into account its 35% stake in Xstrata.
Mongolian massive coal mine projects related to Tavan Tolgoi are underway presently, Mongolian Prime Minister Sukhbaatar Batbold on June 12 said. The Mongolia government has already started some work on the development of railway lines linked to the
According to Vietnam's general statistics office, Vietnamese coal exports totaled 6.64 million mt in the January-May period of the current year. down 25 percent year on year. In addition, the value of the country's coal […]
China exports for coke and semi-coke in May this year decreased 3.7% on year to 450,000 tonnes, showed the latest data released by the General Administration of Customs. In the first five months, the volume exported from the country totaled 2.13 million
South Africa's National Union of mineworkers has started negotiations with the Chamber of Mines over its 14% wage demand for gold and coal miner union members.
THE Gillard government's credibility is about to take another battering, this time on one of its more complex and ad hoc tax reforms, the minerals and resources rent tax, as some key players in the […]
Indian conglomerate Essar Groupplans to acquire more coal and iron ore assets in Indonesia,Australia and Africa as it seeks to meet robust demand in India, Bloomberg reported …
WPG Resources and Evergreen Energy have signed the agreements that set up the joint venture between them to develop and produce K-Fuel®, Evergreen’s coal upgrading technology, throughout Australia. WPG’s subsidiary, Southern Coal Holdings, will be […]
Tightness in the Chinese power market could mean lower output of aluminum and nickel pig-iron, plus deceleration in steel production and a probable increase in thermal-coal imports, says Deutsche Bank. More than 10 provinces started […]
Okay, so we’ve established the hazards of coal ash. There is no doubt that arsenic, cadmium, hexavalent chromium, lead, selenium and other toxic metals have no business in our drinking water. So why are 44 of our elected leaders calling on the Obama administration to treat coal ash as a NON-hazardous waste?
Goldman Sachs is to launch a commodities index with Clive Capital, the world's largest commodity hedge fund, the Financial Times reported on Monday citing a source familiar with the product.