Low coal prices force Glencore to shut Australia’s Tahmoor mine

The destruction of Mongolia's grasslands to access a wealth of mineral riches has sparked an anti-mining movement led by a nomadic herder who says force can be used to bring polluting firms to heel. Tsetsegee Munkhbayar is the head of Fire Nation, a small group on a crusade to put an end to what they say are irresponsible mining operations in the resource-rich landlocked country that are threatening their livelihoods.

SouthGobi Resources announced today that the Mineral Resource Authority of Mongolia (MRAM) has issued mining license MV-016869 to its wholly-owned Mongolian operating subsidiary SouthGobi Sands LLC. The new license pertains to the resource previously disclosed by the Company under NI 43-101 standards as the Soumber Deposit.

A Reuters feature article on Wednesday tells how forced to sell his animals and flee his dried-up lands, former herder Sainbuyangiin Tsagaan-Ovgon is now hoping mining profits will let him return to his native Gobi. The 72-year old, who admits he knows nothing about stocks, will soon receive 536 shares in the Mongolian company that owns the world's largest coking coal deposit.

Perth-based coal miner Coal of Africa (LON:CZA) has secured a key environmental permit from the South African government, clearing a major hurdle on the way to restarting its Vele coking coal project. The approval will allow the company to proceed with construction work at the site following a year long delay due to environmental issues.

IPO activity in Western Australia continued to increase post the global financial crisis (GFC), according to new figures released from the Deloitte Corporate Finance survey. Western Australia produced 63 IPOs in the year ending 30 June 2011 (FY11), almost double the 33 IPOs in the previous financial year.

India's GVK Power, a unit of infrastructure major GVK Group, which had inked a deal to purchase two of Hancock Prospecting's thermal coal mines in Australia for around $2.4 billion, is set to raise $1.2 billion as debt to part fund its acquisition. The Hyderabad-based GVK Power has roped in ICICI Bank to syndicating the $1.2 billion loan. Sanjay Reddy, vice chairman of GVK, signed an agreement with Gina Rinehart, chairman of Hancock, earlier in June.

Mongolia chose U.S. miner Peabody Energy , a venture between China's Shenhua and Japan's Mitsui & Co, and a Russian-led consortium as preliminary winners to jointly develop the prized Tavan Tolgoi coal deposit, a senior government source said on Monday. The project, which may require initial investment of more than $7 billion, is seen as vital to kick-start the land-locked nation's economy. It will also generate billions of dollars in revenue for the companies involved and add tens of millions of tonnes of increasingly rare coking coal used by steel makers.

A buildup of volatile gas hampered rescue efforts in one Chinese coal mine and water continued to pour into another as emergency crews raced to reach 42 people trapped yesterday for a second day, officials and state media reports said. The accidents — a cave-in at one mine and a flood at the other — occurred on Saturday in two southern provinces after days of heavy rains.

Warning that 80 per cent of the country's power plants face the risk of a default due to coal shortages and environmental issues, a body of power producers has petitioned the government for an expert group to review contracts awarded under through the competitive bidding route.