Coal Top Stories

Indonesia could deplete coal reserves by 2033 – PwC

Indonesia could exhaust its economically retrievable coal reserves by 2033,…

EY: Distress and divestments to dominate mining deals in 2016

EY notes that after the fifth consecutive year of declining…

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Teck reaches tentative agreement with Fording River union: BIV

Business in Vancouver reports: In a labour negotiation that has avoided the kind of strikes seen at the company’s Elkview and Coal Mountain mines in recent months, Teck Resources Ltd. (TSX:TCK.A, TCK.B; NYSE:TCK) announced this morning that it has arrived at a tentative collective agreement with the workers at Fording River – B.C.’s largest mine.

Cliffs Natural Resources reports more than five-fold jump in Q1 profits

Cliffs Natural Resources Inc (CLF.N:Quote) reported more than a five-fold increase in first-quarter profit as demand and prices for its iron ore and steel-making coal soared.Net earnings were $423 million, or $3.11 per share, compared with $77 million, or 57 cents per share in the quarter a year earlier. Revenue rose 63 percent to $1.2 billion, the Cleveland-based company said on Thursday.

Sherritt’s Q1 earnings up 116% to $63.6 million

Sherritt's Q1 earnings rose 116% over the same quarter a year ago. The company reported net earnings on Thursday of $63.6 million or 22 cents a share. A year ago, the company reported only $29.4 million in net earnings or 10 cents a share. The company's sales volumes were up slightly. Sherritt's sales volumes of nickel, reported in thounsands of pounds, was 9,438 in 2011 and 9,392 in 2010, less than a one per cent increase.

Russian metals firms constrained by rail

Russia's two main rail lines into Asia and, in particular China, are increasingly overburdened which is causing a headache for metals firms looking to increase exports.

Tata to hold onto Riversdale stake

India's Tata Steel , the world's No 7 steelmaker, will hold on to its stake in Africa-focused Riversdale Mining , its vice chairman said on Monday. "We will continue to hold on to our stake," B Muthuraman told reporters.

Anglo American Q1 numbers hit by freak weather

Miner Anglo American stuck to its production targets on Thursday despite a first quarter that saw floods and heavy rains hampering output, with coal output from its Australian operations down by over a third. Anglo, the world's fifth-biggest diversified miner, is the latest operator to detail the impact of freak weather across its operations. Image by Jam343.

Walter Energy revenues up 58% in Q1

Walter Energy (NYSE: WLT) (TSX: WLT), the world's leading, publicly traded "pure play" producer of metallurgical coal for the global steel industry, today announced earnings per diluted share of $1.53 and net income of $81.8 million for the quarter ended March 31, 2011, compared to earnings per diluted share of $0.77 and net income of $41.6 million in the first quarter 2010. Results for the period exclude results from Western Coal, which the Company acquired on April 1, 2011.

Teck Resources announces dividend

Teck Resources Limited (TSX: TCK.A and TCK.B, NYSE: TCK) announced today that it will pay an eligible dividend of $0.30 per share on its outstanding Class A common shares and Class B subordinate voting shares on July 5, 2011, to shareholders of record at the close of business on June 15, 2011.

Rio Tinto buys CSN’s Riversdale stake for $830m

Brazilian steelmaker CSN (CSNA3.SA: Quote)(SID.N: Quote) struck a deal to sell its 19.9 percent stake in Australian coal miner Riversdale to mining giant Rio Tinto for A$780 million ($830 million), according to a securities filing. Sao Paulo-based CSN, Brazil's largest diversified steelmaking group, sold 47.29 million Riversdale shares at a price of A$16.50 each, the filing said. The shares (RIV.AX: Quote) closed little changed at A$16.50 in Sydney on Wednesday.