Coal Top Stories

Australian teens lead class action against Whitehaven’s coal mine expansion

It could make it more difficult for coal mines to…

World’s two largest asset managers have invested $170bn in coal

The figure pales in comparison to the $1 trillion in…

Latest Stories

Japanese and Chinese firms spend $1.0 billion for Grande Cache Coal

Albertan metallurgical coal producer, Grande Cache Coal (TSX:GCE), was acquired by a Japanese and Chinese firms for about $1.0 billion. The purchase, announced on Monday, represented a 112% premium over the 20-day volume weighted average trading price of the company's common shares. Shares of Grande Cache Coal shot up 66% on the news. The new owners are Winsway Coking Coal Holdings Limited and Marubeni Corporation.

China coal giant bids for New Zealand’s fatal Pike River mine

The Manawatu Standard reports giant Chinese state-owned Shanxi Coal is understood to be in the running to buy New Zealand's Pike River Coal as part of a joint bid with local miner Solid Energy. Bids closed a week ago, with four players making offers, sources said. One Indian company is believed to have pulled out and another Indian company was still understood to be in the running. The state-owned mine operated by Solid Energy was put up for sale as part of a privatization programme by the New Zealand government and after an enormous methane explosion ripped through the mine near Greymouth on November 19 last year killing 29 men.

New study finds small underground coal mines in US safer than large mines

Safety in the US mining industry has made significant progress over the decades. However, the early 2010 disaster in West Virginia was the worst since 1970 and will potentially have a significant impact on mine safety legislation, similar to the MINER Act of 2006, which was a response to the Sago Mine disaster and other mine fatalities in early 2006. Generally, based on the historically elevated fatality rate, safety experts in the industry believe that the small mines have a relatively poor safety record as compared to the large mines; however, the results of a new study by the Society for Mining, Metallurgy, and Exploration indicate that the opposite is likely true.

Kentucky coal mine where collapse killed two were cited for highwall safety in April

The Courier-Journal reports the Kentucky surface coal mine where two workers were killed on Friday was cited earlier this year over the stability of a highwall. The two workers were employed by a blasting crew and they were trapped in or near their truck by falling rock and earth. Several other miners at the site were injured by falling rock and debris. Armstrong, which began mining operations at Equality in the fall of 2010, utilizes two draglines and the truck-and-shovel mining methods. The mine has been closed pending an investigation.

Coalspur inks 14-year deal to ship coal through Prince Rupert

An Australia-based coal-mining junior has struck a bargain to ship coal through Prince Rupert, BC. Coalspur Mines (TSE:CPT, ASX:CPL) said Thursday it has reached a 14-year agreement to export thermal coal from its Vista project in Alberta through Ridley Terminals in Prince Rupert. The news spiked the shares 5% on the Australian exchange Friday but caused less of a stir on the Toronto bourse, where Coalspur was down about half a percent as the trading day closed.

Cliffs Natural Resources: Sunny earnings report sees clouds looming

Cliffs Natural Resources vaulted to a record third quarter from a springboard of high iron ore prices combined with higher sales from its Bloom Lake operation, the company announced today. Cliffs posted a 59% increase in revenues from the same period last year, bringing in $2.1 billion. The company more than doubled (+110%) its net income in Q3 to $820 million, despite taking a $17.5 million net loss from the idling of its renewaFUEL biomass production facility in Michigan. Despite the sunny financial picture, Cliffs indicated that clouds are looming on the horizon in the markets for its principal commodities, iron ore and coal. Image of Cliffs Northshore Mine, Copyright © 2011 Cliffs Natural Resources Inc.

Teck blasts out record quarterly profit but cuts guidance for copper, coal

Teck Resources (TSE:TCK.B) posted strong third-quarter earnings and rewarded shareholders with a 33% dividend increase. However, the Vancouver-based diversified mining company also lowered its 2011 guidance for copper and coking coal, its principle export commodities. Coal sales volume was lowered to 22.2 to 23 million tonnes (from 23.5 to 24.5 million) due to weakening steel markets. Teck blamed problems at its Quebrada Blanca operation in Chile for lower than expected copper volumes; 2011 copper sales guidance was lowered to 320,000 tonnes from 330,000 to 340,000t. The company had a record quarter, increasing its third-quarter revenues to $3.4 billion from the same period in 2010 — a 40% increase. Adjusted earnings were $742 million compared to $452 million in Q3 of last year.

Alaska throws out petition rejecting coal mine

A coal mine project in Alaska that could have negative impacts on salmon spawning will be allowed to push ahead. Alaska Dispatch reports that the state government has denied a petition to declare land within a drainage system in the Upper Cook Inlet unsuitable for coal mining: The petition sought to block in particular a strip mine project planned on Alaska Mental Health Lands Trust land by Delaware-based PacRim Coal LP, whose plan calls for the destruction of 11 miles of a tributary which Alaska Fish and Game has deemed significant habitat for spawning Cook Inlet salmon.