Strong export prices are providing healthy cash flows for now. But with U.S. utilities largely shifting to cheap natural gas and clean renewables, there’s not much reason to dig new mines or scoop up acquisitions.
Peabody Energy Corp. Mining News
The transaction involves the purchase of Shoal Creek metallurgical coal mine, preparation plant and supporting assets, excluding legacy liabilities other than reclamation.
The company's own workforce is in charge of re-profiling the terrain using seven massive bulldozers.
The market research firm states that despite coal being an increasingly targeted commodity on environmental protection grounds, the demand remains strong.
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.
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.