Australia continues to struggle to recover from some of the worst flooding on record, which has had knock-on effects to the mining industry as coal export forecasts have been cut by 5.2 percent, which will be a damaging blow to Australia's economy.
Coal Mining News
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 23, 2011) - Prophecy Coal Corp. ("Prophecy" or the "Company") (TSX VENTURE:PCY)(OTCQX:PRPCF)(FRANKFURT:1P2) has filed today its interim financial results for the first quarter ended March 31, 2011. The interim condensed financial statements and accompanying Management's Discussion and Analysis ("MD&A") are available on the Company's website at www.prophecycoal.com and on SEDAR at www.sedar.com.
Ncondezi Coal Company Limited (AIM: NCCL), a coal exploration and development company with coal assets in the Tete Province in Mozambique, announces its audited final results for the year ended 31 December 2010.
Riversdale Mining (ASX: RIV) advises that Mr Eric Finlayson has been appointed as the new CEO of Riversdale Mining Ltd. Mr Finlayson will move from his current role as Head of Exploration with Rio Tinto to take up this appointment, effective from 1 July.
In its latest Quarterly Commodities Review, Société Générale takes the view that , at a "time of significant doubt for the outlook for the global economy" the recovery is sustainable and the bank is looking for a stronger second half-year. Headwinds persist, however, and the recovery in the advanced economies is likely to remain relatively sluggish.
The U.S. Energy Information Administration (EIA), the statistical arm of the U.S. Department of Energy, has reported that U.S. coal exports in the first quarter of this year were 26.6 million tons, representing the highest level of quarterly coal exports since 1992, when 27 million tons of coal were exported from the U.S. Coal exports were up 49% from the corresponding quarter of 2010 and were double first-quarter 2009 levels. Industrial Info is tracking more than $12.8 billion in active U.S. projects involving the mining and processing of coal. The increased demand from abroad is helping fuel not only grassroot coal mine construction, but also the expansion and restart of existing coal mines.
Teck Resources has been informed that the Toronto Stock Exchange has accepted Teck's notice of intention to make a normal course issuer bid in respect of up to 40 million Class B
Bloomberg reports that commodities dropped the most in seven weeks after the International Energy Agency announced plans to release emergency oil supplies.Gold for August delivery fell 2.4 percent to $1,516.60 an ounce, the first drop in eight sessions, and palladium for immediate delivery declined 2.2 percent to $747.25 an ounce.
China's top economic planner on Thursday reiterated a ban on favourable power tariffs for power-intensive sectors as the world's second-largest electricity consumer struggles to deal with its worst power crisis in seven years. Last year, the National Development and Reform Commission (NDRC) asked local governments and power suppliers to cancel favourable power prices for aluminium, ferroalloy and calcium carbide makers, and said preferential power rates for direct trade between power generators and power users but without approval must be halted.
Australian coking coal producer Caledon Resources said it agreed to be bought by a Chinese investment group for 313.1 million pounds ($507 million), in a long-awaited deal which has finally met Chinese regulatory approval. China's Guangdong Rising Assets Management Co (GRAM) first approached Queensland-focused Caledon with a 112 pence per share offer in November to which Caledon agreed in principle, subject to approval from the Chinese regulators.
The Diversified miner said Wednesday that regulators have approved a plan, that will take effect from June 27th, allowing the group to buy back as much as 6.9% of its B class shares.
The Brazilian mining company Vale is to enter into a partnership with the Portuguese company SGC Energia to build an industrial unit to convert coal into liquid fuel in Moatize district, in the central Mozambican province of Tete. Vale estimates a liquefied fuel processing plant could produce 300 million litres of fuel a year, of which about half would be used by Vale in Mozambique. The rest would be sold on the domestic fuel market.
Coal prices are surging ahead even as most other commodities pull back, spurred on by expectations that metallurgical and thermal coal production will again fail to meet rising global demand this year. The result: Record profits for major coal producers like Xstrata, a surge in acquisitions from coal-hungry India, Chinese electricity shortages, and a raging carbon tax debate in Australia amid record investments in that country’s coal-heavy mining sector.
New Zealand Prime Minister John Key has told The Australian newspaper there will be changes in New Zealand mine safety regulations. Key made the comments in an interview when asked about Pike River, the West Coast mine where a series of explosions left 29 men dead last November. Over the weekend the same paper quoted a mining safety specialist who quit Pike River over concerns it was too dangerous as saying the mine lacked critical equipment required in Australian mines, which could have avoided the enormous methane explosion.
It is a broadly accepted truism that clean living and hard work make for a long life. That may help explain the growing popularity of natural gas as a foundational element in the energy supply mix well into the foreseeable future.
Australian energy company, Blackham Resources Limited (Blackham) (ASX:BLK) is pleased to announce a significant increase in the coal resource at its Scaddan Energy Project in Western Australia. Scaddan and Zanthus combined resources now contains over 10,000 petajoules (PJ) of energy and has the potential to produce approximately 860 million barrels of oil equivalent, consisting mainly of a clean diesel product.
Tenaris S.A. (NYSE: TS) (BAE: TS) (MXSE: TS) (MILAN: TEN) announced today that, within the framework of the Venezuelan National Assembly's law declaring all of Matesi's assets to be of public and social interest and ordering the Executive Branch to take the necessary measures for the expropriation of such assets, President Chavez issued Decree 8280/2011, which orders the expropriation of Matesi's assets as may be required for the implementation of a state-owned project for the production, sale and distribution of briquettes, and further instructs to commence negotiations and take any actions required for the acquisition of such assets.
The Australian firm warned that two coal shipments it had expected from its Isaac Plains operation would not be delivered because of an ongoing dispute with Brazil Australia's Aquila Resources warned on Wednesday that two coal shipments it had expected
Power utility Eskom could run out of domestic coal in the long term if there is no infrastructure development, according to Ian Hall, head of regional strategy for Anglo American.
Coal miners will strike at seven central Queensland mines this weekend. Unions for the 2300 workers accuse mining giant BMA of industrial trickery after two days of negotiations and say they'll cease work from Friday […]
Top coal supplier Australia cut export forecasts over 5 percent on Tuesday as the sector struggles to recover from some of the worst flooding on record. Higher prices will cushion the blow to the nation's […]
Krishnapatnam Port has set an all India record for discharging 95,528 tons of steam coal in just 24 hrs using the conventional unloading system in form of advanced Mobile Harbor cranes. Read more
Teck Resources provided an update today to its coal guidance for the second quarter. As a result of the February earthquake and tsunami in Japan, some of Teck's coal customers have deferred shipments due to reduced steel production requirements and Teck now expects coal sales in the second quarter at the low end of its previously announced guidance range of 5.5 to 6.0 million tonnes.
Three miners in southeastern Kentucky became trapped early Monday morning when part of the coal mine they were in collapsed from heavy rainfall.
Mongolian-focused coking coal explorer Aspire Mining Limited (ASX:AKM) (PINK:ASPXF) is pleased to announce the appointments of Mr Andrew Edwards and Mr Mark Read as Non- Executive Directors of the Company, effective 1 July, 2011. Mr Edwards is a recently retired senior partner with PricewaterhouseCoopers ("PwC"). Mr Edwards had a distinguished career with PwC spanning 35 years in Perth, Auckland and Sydney.