Coal Top Stories

JPMorgan stops lending to coal companies

The announcement was made Tuesday at the bank's annual investor…

Western Australia is world’s new top mining destination

No Canadian provinces made the top ten list this year.

Latest Stories

Lawsuit suggests Obama secret agenda to bring down coal miner Massey Energy

Executives of Massey Energy Co (MEE.N) believed President Barack Obama had a secret agenda to bring down the coal company after 29 men were killed in an accident at one of its mines last year, a lawsuit shows. The charge came in a class action suit by investors who seek to block Massey's pending $7 billion takeover by Alpha Natural Resources Inc (ANR.N) as they press their claims for about $1 billion in losses from alleged Massey mismanagement.

Coal India to hire 1100 management trainees by October 2011

In keeping with its massive expansion plans, the Maharatna firm Coal India (CIL) will induct 1,100 management trainees by October, Steel Guru reports.
The new faces will be inducted into the parent firm and its subsidiaries in various disciplines mining, electrical, mechanical, civil and chemical/mineral. The recruitment of the white-collars is necessitated as the world's top coal producer plans huge expansions, including setting up of 20 new washeries with a combined capacity of 111.1 million tonnes at an estimated cost of INR 2,500 crore.

New Zealand Greens launch anti-mining bill: Otago Daily Times

The Green Party of New Zealand is taking aim at coal with new legislation that would make coal miners bear the brunt of their emissions. According to the Otago Daily Times: The Climate Change Response (Low Carbon Economic Development) Amendment Bill would amend the Emissions Trading Scheme (ETS) to ensure all new activities and industries that use lignite, are fully liable for the costs of the greenhouse gas emissions they emit. "Large scale lignite mining in Southland could see New Zealand's carbon emissions increase by as much as 10 million tonnes a year, when we already need to decrease them by more than 20 million tonnes a year," said the architect of the bill, Green MP Gareth Hughes.


SMH: Iron ore queen Gina Reinhart tops billionaires club

The boom in resource industry wealth flowing from iron ore and coal exports to China and India has created a record number of billionaires in Australia, reports the Sydney Morning Herald. The latest to top the billionaires club Down Under is iron ore queen Gina Reinhart, who has become the richest person ever in Australia, worth an estimated $10.3 billion. Reinhart is the first woman to to top BRW's Rich 200 list. The list shows Australia now has 35 billionaires, five more than last year, and a cut-off point of $215 million, which is $30 million higher than last year's cut-off of $185 million.

Resourcehouse’s fourth crack at Hong Kong listing delayed as commodity prices slump

Hot on the heels of a lacklustre listing by Swiss commodities and mining behemoth Glencore, news comes of another multi-billion dollar natural resources IPO going awry. Resourcehouse planned to raise $3.6bn on the Hong Kong market on Thursday but has now postponed the listing to at least the end of the month. The Australian iron ore and coal miner has made three previous attempts to go public in 2009 and 2010.

Thelon Signs Lease Agreement to Double Production Royalties on Jellico Coal Project

Thelon Capital Ltd. (TSX VENTURE:THC)(FRANKFURT:TFHC) is pleased to announce that it has, through its wholly-owned subsidiary, Clear Fork Mining, signed a second lease agreement with a private contractor to mine a second 600-acre section of its Jellico Coal Project, known as Miller Mt. It is scheduled to start production in calendar 2012. This mine site is projected to produce an average of 20,000 tons per month for approximately 7-10 years. Under the terms of the lease, Thelon Capital Ltd. will receive the greater of $7 per ton royalty or ~9% of gross sales price of the Coal. Thermal Coal is currently selling for $90 per ton and Blue Gem Coal is currently selling for $185 per ton.

Baosteel positive about getting approval for Zhanjiang project from government

China's Baoshan Iron & Steel Co Ltd expects to receive regulatory approval for its coastal Zhanjiang project this year, Chairman He Wenbo said on Tuesday, despite government resolve to extend a fight against overcapacity. "We will try to obtain approval this year, and are starting to build a raw materials dock," He, also president of parent Baosteel Group, told reporters on the sidelines of a company event.

Miners’ families challenge $8.5bn Massey-Alpha deal

The Charleston Gazette reports on Tuesday that the families of seven miners who died in the Upper Big Branch Mine Disaster in West Virginia have filed a new lawsuit against owners Massey Energy, challenging Massey's proposed acquisition by Alpha Natural Resources. The suit alleges that the CEO and other Massey insiders "will receive tremendous financial benefit" – estimated at some $196m – from the $8.5bn deal, while victims of the disaster "will be subject to great risk and uncertainty." Massey has put its estimated losses from any suits or settlements with the disaster's victims at $78m, or $3m per victim.

Bloomberg: Exxaro bids A$123 million for Territory in iron ore strategy

South African coal miner Exxaro Resources has agreed to pay AUD$123 million for Territory Resources with the goal of producing 10 million metric tonnes of iron ore a year, Bloomberg reported Monday: Exxaro offered A$0.46 a share for the iron-ore miner based in Perth, Western Australia, the companies said in a statement today. The bid, at a 64 percent premium to the closing price on May 20, was recommended by Territory’s board, they said.