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
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
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
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
By Adam Creighton
THE coal industry has hit back at “small but vocal ideologues” who claim its expansion poses too great a threat to the environment, citing new research that highlights the industry’s importance to Australia’s economy.
A new study commissioned by the Australian Coal Association argues that about 180,000 Australian jobs depend directly or indirectly on the coal sector, Read more
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
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
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
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
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
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
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
By Andrew Fraser
THE Newman government is pressing ahead with a scaled-down proposal for an extension of a coalmine on the Darling Downs, despite promising that an extension would not go ahead before last year’s election.
The government yesterday released terms of reference for an environmental Read more
By Paul Garvey
SHARES in Gina Rinehart’s Queensland coal exploration partner International Coal have soared after the company confirmed what it said was a “significant” discovery.
As foreshadowed by The Weekend Australian, International Coal yesterday Read more
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
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
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
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
By Peter Alford
WHILE Bakrie & Brothers and ally Samin Tan scramble to untangle the family’s Indonesian coal assets from London-listed Bumi, strange transactions continue bubbling to the surface back home.
IThe latest, the apparent disposal by Bumi Resources, the company holding the Bakries’ main coal interests, of 42 per cent of a listed subsidiary, Read more
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