Coal

Erdenes Offers Year’s Contract for Biggest Mongolian Coalfield

By Michael Kohn

Erdenes Tavan Tolgoi LLC, Mongolia’s largest state-owned coal company, offered a one-year contract to develop a part of the nation’s biggest coalfield, aiming to revive interest among global mining companies.

The contract will be for mining as much as 2 million metric tons of coking coal in the west Tsankhi area of Tavan Tolgoi, Delgersaikhan Tsagaan-Uvgun, head of mine planning and technical coordination at Erdenes, said by phone. The output will be sold to Chinese buyers, he said. Read more

Alpha Loss Smaller Than Estimated as Coal Prices Gain

By Sonja Elmquist

(Corrects headline to say loss instead of profit.)

Alpha Natural Resources Inc. (ANR), the second-biggest U.S. coal producer, posted a smaller-than- estimated first-quarter loss after an increase in the price of the commodity mined in the Western U.S. and sold to power utilities.

The net loss widened to $110.8 million, or 50 cents per share, from $28.8 million, or 13 cents, a year earlier, the Bristol, Virginia-based company said in a statement today. Read more

Anglo Interested in Developing Mongolia’s Tavan Tolgoi Coal Mine

By Michael Kohn

Anglo American Plc (AAL), the world’s third- largest producer of coking coal, is keen on joining a group of mining companies seeking to develop Mongolia’s giant Tavan Tolgoi coal field.

The company is interested in working on the deposit in partnership with state-owned Erdenes Tavan Tolgoi, Graeme Hancock, Anglo American’s chief representative and president in Mongolia, said in an interview in Ulaanbaatar yesterday. Read more

Tata Eyes Coal Assets Freed By Global Fracking Boom

By Bhuma Shrivastava & Rajesh Kumar Singh

Tata Power Co. (TPWR), India’s second- largest generator, is seeking coal assets in the U.S., Canada and Colombia as prices of the fuel drop amid surging shale gas supplies in North America.

Initial purchase talks are on for several mines, Managing Director Anil Sardana said in an interview, declining to identify the assets. Acquisition prospects in South Africa, Read more

Australian Coal Association’s study puts coal’s value to economy at $43bn

By Adam Creighton

Peabody tops expectations, sees U.S. thermal coal recovery

By Allison Martell

Peabody Energy Corp., the world’s largest private-sector coal miner, reported a smaller-than-expected quarterly loss on Thursday and said it expects thermal coal to claw back much of the U.S. market share it has lost to natural gas.

Shares of Peabody, the first of the major U.S. coal producers to report first-quarter results, were up 8.4 per cent at $20.58 (U.S.) on Thursday afternoon. Read more

Panamax Ship Rates Advance as Coal and Grain Cargoes Seen Rising

By Alaric Nightingale

Rates for Panamax vessels shipping grains and coal rose for a sixth session, amid speculation that demand to haul both cargoes is increasing.

Earnings from the ships, hauling about 75,000 metric tons of cargo, rose 2.1 percent to $9,326 a day, according to the Baltic Exchange in London. Read more

Queensland shortlists Abbot Point expansion candidates

By Rhiannon Hoyle

MINING company Anglo American and a separate alliance of Aurizon Holdings and Lend Lease Group have been shortlisted for a possible expansion of a major coal export terminal in north Queensland, the state’s deputy premier said today.

The Queensland government is pushing for a larger port at Abbot Point that can handle bigger volumes of metallurgical and thermal coal, capitalising on Asian demand for industrial commodities. Read more

Rio Lifts Force Majeure on Coal Sales From Australian Mine

By Ben Sharples

Rio Tinto Group, the world’s second- biggest mining company, said it had lifted the force majeure declared on thermal coal supply contracts from its Kestrel mine in Australia after flooding damaged a rail line.

The clause, invoked by companies when they miss shipments because of circumstances beyond their control, was lifted on March 12, Matthew Klar, Read more

Coal Seen Stalling After Best Quarter Since 2011: Energy Markets

By Ben Sharples

Coal prices in Asia are poised to stall after the biggest quarterly gain in two years as demand from China fails to absorb increased exports from Australia, Colombia and Indonesia.

Thermal coal at the Australian port of Newcastle, the benchmark grade for the region, has risen 9 percent to average $91.62 a metric ton in the period ended March 22, Read more

Anglo Scraps A$540 Million Plan to Buy Mozambique Coal Venture

By Paul Burkhardt

Anglo American Plc. (AAL), the metals producer with mines from Chile to Zimbabwe, said it will cancel the A$540 million ($562 million) acquisition of a stake in the Revuboe coal project in Mozambique.

“The transaction was subject to a number of conditions,” the London-based company said in a statement. “Those conditions have not been satisfied. Read more

Mongolia Seeks Partner for Coal Railroad to China, Montsame Says

By Michael Kohn

The Mongolian government is seeking a non-state partner to build a 160-mile (260-kilometer) railway from the Tavan Tolgoi coal field to the Chinese border, the state-run news agency Montsame reported.

The government has accepted bids from 20 companies, including 14 from overseas, the agency said yesterday, without identifying any. The partner will take a 49 percent stake in the project. Read more

Mine to expand despite promise

By Andrew Fraser

Rinehart partner soars on coal find

By Paul Garvey

SouthGobi Restarts Output at Mongolia Coal Mine on Outlook

By Elisabeth Behrmann

SouthGobi Resources Ltd. (SGQ), a Mongolian coal mining company controlled by Rio Tinto Group, will restart production at its Ovoot Tolgoi mine as the outlook for prices improves.

The company plans to produce 3.2 million metric tons of semi-soft coking coal over the remainder of 2013, Vancouver- based SouthGobi said yesterday in a statement. Read more

Rio Tinto Starts Joint Venture to Explore for Coal in Mozambique

By William Felimao

Rio Tinto Group, the world’s second-biggest mining company, set up a joint venture with Mozambique Mining Exploration Co. to explore for coal in the country’s Tete province.

The Changara Mines venture will be 75 percent-held by a unit of Rio and the rest by Mozambique Mining, London-based Rio said in a statement. Rio will transfer three exploration licenses to the venture, it said. Read more

BHP’s Cerrejon Mine Restarts Coal Exports After Strike Ends

By Alex Emery

BHP Billiton Ltd. (BHP)’s Cerrejon coal venture in Colombia said it restarted exports today after a 32- day strike ended, sending coal to a three-year low.

The mine, Colombia’s largest open-pit coal operation, has yet to operate at installed capacity after employees signed a three-year labor accord March 11 and began returning to work, spokesman Juan Carlos Restrepo said. Read more

Coal India Sets Aside $6.5 Billion to Buy Overseas Mine Assets

By Abhishek Shanker

Coal India Ltd. (COAL), the world’s biggest producer of the fuel, has set aside 350 billion rupees ($6.5 billion) to buy and develop mines overseas over the next five years to bolster domestic supplies.

The state-owned company plans to spend 100 billion rupees on exploration and building logistics infrastructure in Mozambique, Read more

Bakrie’s coal interests are spinning around

By Peter Alford

India’s GVK in $6bn coal deal

By Andrew Fraser

INDIAN company GVK is in the box seat to control the $6 billion worth of infrastructure needed for the development of the Galilee Basin in central Queensland for the next 30 years after joining forces with railway carrier Aurizon to work on the rail and port infrastructure for the emerging coal precinct. Read more

Next Page »