Metallurgical coal mining company Grande Cache Coal Corp cut its 2012 coal sales forecast as it expects production to be affected by the challenging mining conditions. The company now sees coal sales volumes of 2.2-2.4 million tonnes, down from the previous forecast of 2.4-2.6 million tonnes.
Coal Mining News
Yesterday was quite a weak day in the commodity markets, with a few staging outside reversals on their charts. It appears some (much?) of this weakness was due to a report by the very influential […]
When a Chinese vase that might be barely a century old fetched $18 million recently at a Sotheby’s auction in New York—obliterating its pre-sale estimate of just $1,000—that was surely based on inflation fears and money printing by the Federal Reserve. Conversely, when the sale of a much more esteemed ceramics collection failed to live up to the hype Thursday night in Hong Kong, clearly worries about slowing economic growth were to blame, exacerbated by Chinese monetary tightening.
Australian coal miner Whitehaven Coal said a formal process to find a bidder for the company was nearing a conclusion and interested parties have completed due diligence. Whitehaven said on Wednesday it was in was in talks with the parties to decide which proposal, if any, would be recommended by its board
A coal project in northeastern B.C. that is being developed by a Chinese consortium could produce up to 2 million tonnes of met coal annually for the next 30 years, the Globe and Mail reports: A Chinese group is making a $1-billion bet on coal in British Columbia to secure a key raw material for its steel making industry, the latest in a series of moves this year by international companies to stake a claim on Canadian resources.
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Lu’an Group, a large Shanxi-based coal producer, completed what was, according to state newsletter People’s Daily Online, China’s first manned test of an underground refuge chamber on April 10. A team of 80 miners, rescue workers and researchers stayed in a permanent refuge chamber in the company’s Changcun coal mine for 48 hours. Read more
JSE-listed Basil Read has entered into an agreement with Beacon Hill Resources to develop the Minas Moatize coal mine, in Mozambique. Read more
At least four capesize cargoes of South African coal have been sold back to the original sellers by Chinese buyers during the past month and all are coming to Europe, said sources familiar with the deals. The South African coal is being stockpiled in Amsterdam-Rotterdam-Antwerp and at power plants either for sale into Europe or to be burned at the main buyer's own power plants.
Indian infrastructure major Punj Lloyd on Monday announced that its Singapore-based subsidiary, Sembawang Engineers and Constructors, has entered into an agreement to acquire 50% stake in a thermal coal mine company in Indonesia. The Indonesian company is based in Central Kalimantan, Indonesia and the acquisition is to be done through Sembawang Development Pte Ltd, a unit of Sembawang Engineers, the company has informed the Bombay Stock Exchange.
chinaminer460.jpg Lu’an Group, a large Shanxi-based coal producer, completed what was according to state newsletter, People’s Daily Online, China’s first manned test of an underground refuge chamber on April 10. A team of 80 miners, rescue workers and researchers stayed in a permanent refuge chamber in the company’s Changcun coal mine for 48 hours.
warrior-coal-pix.jpg The Matrix WAMS-S1000 Permissible Wireless Carbon Monoxide (CO) Monitoring Sensor has been listed by Intertek, a US Nationally Recognized Testing Laboratory (NRTL). With this listing, the WAMS-S1000 fully complies with 30 CFR 75.351 set forth by the Mine Safety and Health Administration (MSHA) and is the only post-accident, performance-tested, and NRTL-Listed CO sensor on the market [...]
Teck Resources Limited (TSX: TCK.A and TCK.B, NYSE: TCK) announced today that employees at its Elkview operation in southeast British Columbia have ratified a new five-year agreement, replacing an agreement which expired on October 31, 2010. Production at the mine will resume effective Friday, April 8 following a temporary suspension due to strike action taken by Local 9346 of the United Steelworkers of America on January 30, 2011.
Atlantic Coal plc, the AIM listed open cast coal production and processing company with activities in Pennsylvania, USA, is pleased to announce a production update for the three months ended 31 March 2011 from the Stockton Colliery (‘Stockton'), its opencast anthracite operation in Pennsylvania. During the quarter, Atlantic mined 120,850 tons of run-of-mine coal (‘ROM') and removed 658,785 bank cubic yards (BCYs) of overburden. 62,000 tons of ROM coal was washed which produced 28,376 tons of clean coal.
Anglo American's Metallurgical Coal business has awarded a mining services contract worth $144m to John Holland Group. Under the three-year contract, John Holland Group will provide coal mine operations for Anglo American's Lake Lindsay and Oak […]
Golder Associates Corp., one of Canada's best-known specialized mining and environmental consultants, Monday acquired the Marston Group, a supplier of mine planning and geological services to the coal, oilsands and metals mining industries. The Montreal […]
Investors looking to play the recent boom in metallurgical coke, used in steel production, will soon have a new, pure-play name to trade. Last week Sunoco (SUN) filed a registration statement for the planned divestiture of SunCoke Energy, the firm's coke division. Sunoco will originally sell 20% of SunCoke in an IPO, and then undertake a tax-free spinoff of the remaining 80% stake to Sunoco shareholders.
Ok, if you've listened to Pickens and the Ratigan show, you know that they seem to think that we can fix things with natural gas and perhaps with some renewables. That will never work. Nor will drilling here - we can replace some of our demand, but not all of it. Further, the amount of oil we have is finite.
We decided to take a look at coal sector. Here are the six names we like right now, plus some commentary on each.
Teck announced on Saturday that it had reached a settlement deal with Local 9346 of the United Steelworkers of America to end the strike at the company's Elkview operation. According to a company statement, the parties will recommend the memorandum of settlement to their respective groups. The union ratification vote is scheduled for Thursday, April 7, 2011. If the agreement is ratified, production at the mine could resume by Friday, April 8, 2011.
Xstrata and Chugoku Electric have settled an annual coal contract for the Japanese fiscal year starting April 1 at a record level of around $130 per tonne, over 30 percent higher than last year's contract, sources told Reuters on Friday.
The vast majority of Australia's coal mines will not face materially higher costs under a polluter-pays scheme designed to reduce carbon emissions, according to Treasury Department documents released by the government on Friday.
SouthGobi Resources announces updated NI 43-101 compliant coal resources and reserves for Its Ovoot Tolgoi Complex in Mongolia
SouthGobi Resources Ltd. (TSX:SGQ)(HK:1878) announced today that new, independent estimates prepared by Minarco-MineConsult ("MMC"), have updated coal resources and proven and probable mineral reserves contained at the company's Ovoot Tolgoi Complex, (comprised of the Ovoot Tolgoi Coal Mine and the Ovoot Tolgoi Underground Deposit). Independent estimates for coal resources have also been updated by MMC for the company's Soumber Deposit (comprised of the Soumber Field and the Biluut Field).
Grande Cache Coal Corporation announces new handling agreement with Westshore Terminals Limited Partnership
Grande Cache Coal Corporation (TSX:GCE) ("Grande Cache Coal") has reached an agreement with Westshore Terminals Limited Partnership to exclusively handle Grande Cache Coal's annual coal tonnages that it ships through a West Coast port from April 1, 2012 to March 31, 2022. The commercial terms of the agreement are confidential.
Global miner Rio Tinto lowered the acceptance condition on its A$3.9 billion ($4 billion) offer for Riversdale Mining on Tuesday after entering into talks with Brazil's CSN , a major Riversdale shareholder.