Coal miner Peabody Energy Corp, which filed for Chapter 11 bankruptcy protection in April,asked a bankruptcy court on Wednesday to let it pay up to US$11.9 million in incentives to its executive leadership team should the group meet certain performance targets.
Peabody Energy Corp. Mining News
The Dartbrook coal mine has been mothballed since 2006, when Anglo placed it in care and maintenance.
Peabody’s concessions came in response to a probe that found the company had not been forthright with investors and regulators about threats to its business.
Both saw their stock collapse not just on these news, but also amid concerns that they will have to pay more for insurance that covers environmental damage.
The U.S. No.1 coal producer projects a much wider-than-expected loss for the current quarter.
While coal sales have shown some signs of a rebound, low natural-gas prices continue to pressure the fossil fuel demand and pricing.
The former billionaire denied media reports saying his $150 million agreement to buy coal mine could be delayed or derailed because he has not satisfied contractual financing conditions.
Nathan Tinkler, the Australian electrician turned mining entrepreneur, has bought Peabody Energy’s Wilkie Creek mine in Queensland.
Indiana judge ruled the fully impact of coal waste from its Bear Run coal mine, east of the Mississippi River, was inadequately assessed.
Peabody Energy added 170 positions to the list of lost coal jobs in Down Under.
Mostly affecting the country's coal sector, which lost over 1,000 jobs last week alone.
In total, over 1,000 coal jobs have been cut this week alone in Australia's mining sector.
Pushed by a global surplus of coal that is negatively affecting its price.
Xstrata Coal confirmed Monday it has cut a number of jobs from its coal mining operations in Australia, due to sinking prices for both coking and certain kinds of thermal coal.
Peabody Energy announced the lease of 402 million tons of ultra low sulfur coal reserves adjacent to its North Antelope Rochelle Mine in the Southern Powder River Basin of Wyoming
Anglo American (LON:AAL) and Xstrata (LON:XTA) coal mines are among the four operations being investigated over probable environmental violations, after they were accused of discharging contaminated water into the Fitzroy River, located in the North East state of Queensland, Australia.
Peabody Energy (NYSE: BTU) today announced that it has completed the acquisition of all outstanding shares in Macarthur Coal Limited and holds 100 percent of the company.
Peabody Energy (NYSE: BTU) on Thursday announced that it has acquired a 5.1 percent equity interest in Winsway Coking Coal Holdings Ltd. in a series of purchases of Winsway's shares on the Hong Kong Stock Exchange. The move further strengthens the strategic partnership between the two companies.
Platts reports that the global operations headquarters of US giant Peabody Energy will be relocated to Brisbane following the acquisition of Australia's Macarthur. Peabody raised $3.1 billion with the sale of senior notes on Monday and now owns 77.6% of Macarthur after ArcelorMittal pulled out of its joint $5 billion bid for the coking coal producer, just days after the target's top shareholder accepted the offer. Peabody is the world's largest private-sector coal company with 2010 sales of 246 million tons and nearly $7 billion in revenues.
Reuters reports ArcelorMittal has pulled out of its joint $5 billion bid with US giant Peabody Energy for Australian coking coal miner Macarthur, just days after the target's top shareholder accepted the offer and left the Indian steelmaker with a higher than expected cost. Some observers were skeptical when Peabody and Arcelor raised their bid at at time coking coal prices have been falling and according to a new report could pull back to $240/tonne towards the end of next year. Now that it is flying solo Peabody may have to raise cash to fund the transaction. The deal also comes amid the planned introduction of an onerous carbon tax next year and rising labour costs in Australia thanks to the strong Aussie dollar.
Stock in US coal giant Peabody Energy and India's ArcelorMittal surged on Monday after their joint bidding vehicle secured a 59.85% stake in Australian metallurgical-coal miner Macarthur Coal and raised its offer for the whole of the company to $5.1 billion. The deal comes despite the planned introduction of an onerous carbon tax next year which should put further pressure on Australia's miners already dealing with rising labour costs thanks to the strong Aussie dollar. The takeover is also amid falling coking coal prices which according to a new report is set to pull back to $240/tonne towards the end of next year from historic highs of $330/tonne.
Peabody Energy and ArcelorMittal receive final regulatory clearance to proceed with Macarthur Coal takeover
Peabody Energy BTU +3.19% and ArcelorMittal MT +3.36% today announced they have received clearance from the Ministry of Commerce of the People's Republic of China (MOFCOM) to proceed with the A$16.00 per share cash offer for all outstanding shares of Macarthur Coal Ltd (asx:MCC).
St. Louis Business Journal reports Peabody Energy on Thursday received clearance from the Ministry of Commerce of the People’s Republic of China to proceed with its and ArcelorMittal’s $4.7 billion takeover bid for Macarthur Coal Ltd. in Australia. The Macurthur deal is good news for the US giant after it recently lost out on a chance to co-develop the world’s largest deposit of high-quality coking coal. Miners are scrambling for coal assets and coal for power-generation has averaged about $130/tonne this year from less than $100 in 2010 while metallurgical coal has been trading at record levels of $330/tonne.
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The Wall Street Journal reports Mongolia is relaunching talks with international miners on developing the western block of Tavan Tolgoi in the South Gobi desert, the world’s largest deposit of high-quality coking coal used in steelmaking. Mongolia's National Security Council rejected a deal struck with US giant Peabody Energy, China's Shenhua and a Russian-Mongolian consortium mid-September, just two months after they were announced as winners. At the time losing bidders from Brazil, India and South Korea raised serious concerns and Japan went so far as to call the bidding process 'extremely regrettable'. Mongolia still hopes to privatize its Erdenes Tavan Tolgoi coal-mining company which controls the remainder of the 6 billion tonne resource for upwards of $3 billion next year.