Coal Top Stories

EU climate transition needs mineral miners, not coal miners

The EU has proposed a $44.9 billion fund that could…

BHP to sell Australian thermal coal mine

The world's largest miner has hired Macquarie Bank and JP…

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Harsh times in Vancouver Island’s coal mining past

The Times Colonist has a look at the history of coal mining on Vancouver Island starting in 1912 and writing that the troubles started in Extension, a small mining community a few kilometres south of Nanaimo. Two coal miners were fired when they complained to management that unacceptable levels of explosive gas existed at the coal face. One of the workers headed north seeking a job in the mines of Cumberland only to find he had been blacklisted - not just in Cumberland but throughout Vancouver Island. Their memories of a seemingly endless stream of disasters, from single deaths to the 150 dead in the Nanaimo No.1 mine explosion and fire in 1887, kept them implacable in their demands for greater safety.

World’s top miners worry most about greater government control

Dow Jones reports resource nationalism is the top business risk for the top 30 global miners, while supply capacity constraints ranging from skills shortage to infrastructure bottlenecks continue to dominate the top ten list, according to an annual survey by consultants Ernst & Young. Resource nationalism jumped to the top of the list this year from fourth in 2010 after 25 countries announced their intentions to increase their take of the mining industry's profits and others contemplate outright nationalization. Fraud, bribery and corruption sneaked onto the list of top concerns for the first time as a number of countries introduce or tighten rules for executives operating in countries that rank high on corruption indices.

Mining companies buying up prime farmland across Queensland, despite public opposition

Mining and energy firms have swooped to buy more than 390,000ha across Queensland Australia despite almost unanimous opposition to the sell-off of prime farming land. In the Surat Basin west of Brisbane, small farming communities have been decimated as the race for mining riches forces families off properties after decades of working the land. Fears over the impact of the mining squeeze on communities prompted angry locals to rally at Oakey, while an inquiry has been announced by the New South Wales Parliament into the environmental impacts of the coal seam gas industry.

Navajo Nation and Peabody Energy settle $600 million lawsuit after 12 years

The Navajo Nation's allegations that a coal mining company conspired with others to cheat the tribe out of as much as $600 million in royalties was settled in federal court on Thursday. The tribe sued what is now Peabody Energy in 1999. The terms of the agreement are confidential. The US Supreme Court ruled against the Navajo in a similar lawsuit filed against the federal government. Peabody has operated through a business partnership with the Navajo Nation and the Hopi Tribe for more than 40 years in Northeastern Arizona.

Rio Tinto investors wake up Thursday $10 billion poorer

Rio Tinto reported a surge in profits due to strong demand in Asia and higher metals prices on Thursday but shares in the company spiked lower in New York, opening down more than 7% and wiping more than $10 billion off the value of the globe's second largest miner. Net earnings for the first half year were $7.6bn, up 30% on the $5.8bn the firm made a year earlier. Commenting on the results chairman Jan du Plessis said the economic environment remains volatile but expected the Australia-based company continue to experience higher than average growth for the rest of the year. The company also said it was experiencing high cost inflation in some "mining hotspots" and cautioned that the strong Australian and Canadian dollar were impacting its profitability.

New $3.9 billion Australia coal export terminal faces more delays, ballooning costs

A new coal terminal proposed for Gladstone port's Wiggins Island in Queensland has met with delays for the third time this year, as the project's 16 coal company shareholders including Cockatoo Coal, Yancoal and Xstrata have still to raise all of the capital for the project. Costs for the first stage of the Wiggins Island coal terminal have escalated to A$3.7 billion ($3.9 billion) from A$2 billion in October 2010, a spokesman for the coal industry consortium that is backing the terminal said Wednesday.