Coal Top Stories

Teck Resources posts better-than-expected profit as costs drop

Canada’s largest diversified miner logged a 38% increased in overall…

X2 said to miss out on Anglo’s Brazilian mines

Mick Davis's private equity firm not on shortlist featuring Vale,…

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Coal exports from U.S. reach 20-year high on Australia floods

Bloomberg reported that a drop in coal exports following Australia’s floods pushed up exports from the US. The market news is quoted as saying: Queensland Resources Council, representing miners in the Australian state, said in January 85 percent of mines were “impaired by excess water.” Further rains delayed a production recovery, RBS Morgans Ltd. said last month.

Hunnu buys controlling stake in Mongolia Coal JV from Rio Tinto

Mining Weekly reported that Hunnu Coal (ASX:HUN) bought a majority stake in the Altai Nuurs coal project from Rio Tinto (ASX:RIO). The market news is quoted as saying: Hunnu said in a statement that it would now start Jorc modelling at the Altai Nuurs project, with a major drilling programme planned for the remainder of 2011.

South African gold and coal mines faced with 14% wage increase demand

South Africa's National Union of Mineworkers (NUM) said on Monday it would seek a 14 percent rise in salaries from the country's gold and coal miners in upcoming wage talks. "We are asking for a 14 percent (increase) across the board for companies in gold mining and coal mining," said spokesman Lesiba Seshoka, adding that more details would be provided later.

Indonesia to review all existing mining permits as new mining regulations passed

Indonesia will audit over 8,000 existing mining permits to make sure they are in line with mining and environmental laws, the country's finance minister said on Monday, days after the country passed new regulations on environmental protection. President Susilo Bambang Yudhoyono last week signed a two-year moratorium on permits for logging and another decree allowing underground mining in protected forests if conditions such as an environmental assessment had been met.

U.K. promises 50% cut in CO2 emissions by 2027

The U.K. has committed to halving its carbon emissions before 2027 following the publication of its ambitious fourth carbon budget. The rollout and development of renewable energy technologies, as well as the construction of new nuclear power plants, will play a key part in reducing the country's carbon emissions 50% when compared to 1990 levels. This will mean that net emissions for 2023-27 should not exceed 1.95 billion tonnes of carbon dioxide equivalent.

Analyst sees overseas profits for US coal firms

Forbes reported that demand for Appalachian coal should drive up profits for US producers. The market news is quoted as saying: India and Europe will likely to import more of the plentiful, dirtier-burning coal used by electric plants, Brean Murray Carret & Co. analyst Jeremy Sussman said in a research note Friday.

SMH: New South Wales freezes coal and gas exploration licences

The Sydney Morning Herald reports on Friday that the state of New South Wales announced a 60-day freeze on new exploration licences for coal, coal seam gas and petroleum in a push to resolve the escalating conflict between farmers, miners and conservationists over land use. The need for a moratorium was questioned by the state's mining industry, which said billions of dollars in investment were at stake, but it said it broadly supported the development of a new approach to avoid conflict over valuable land.

Upper Big Branch mine disaster ‘a story of hubris’ –WVA Governor’s panel

The West Virginia Governor's Independent Investigation Panel announced Thursday its findings that the explosion that killed 29 miners at the Upper Big Branch coal mine on April 5, 2010, was preventable. J. Davitt McAteer, the former head of MSHA, who headed the state investigation, told the news media "a great deal went wrong. A great many problems occurred that led to this disaster."

Pacific Coast Plaza to buy 3.6m tons of coal valued at over $300m from Global Earth Energy & Modern Coal

Global Earth Energy and its Texas-based joint venture partner Modern Coal announced on Thursday the offer by Pacific Coast Plaza Inc. to purchase 100,000 metric tons of coal per month for a period of 36 months. The price of coal is approximately $85 per metric ton valuing the deal at over $300 million. The current plan is to have the coal loaded on barges from a suitable port yet to be determined.