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Company News

Arch Coal Will Idle Its Cumberland River Coal Complex

Arch Coal, Inc. (NYSE:ACI) announced that it will idle the Cumberland River Coal Company complex in Wise County, Va., and Letcher County, Ky. the complex consists of two underground operations and related facilities, having previously shuttered two contract mines in 2013.

Walter Energy Could Benefit From Additional Production Cuts

An article from Seeking Alpha suggested that although Walter Energy (NYSE:WLT) might need to undertake additional production cuts. The author stated that tough industry conditions would be likely to weigh on the company's liquidity position.

Corsa Coal to Purchase Met Coal Producer PBS Coals for $60 Milllion

Corsa Coal Corp. (TSXV:CSO) has entered into an agreement with Lybica Holding B.V., a 100 percent owned subsidiary of OAO Severstal (LSE:SVST), among others, in order to acquire all of the issued and outstanding shares of Lybica’s wholly-owned subsidiary, PBS Coals Limited through an all-cash transaction for consideration of US$60 million, subject to customary adjustments for working capital and debt.

MicroCoal Technologies Closes Fifth Trance of Previously Announced Private Placement

MicroCoal Technologies Closes Fifth Trance of Previously Announced Private Placement

MicroCoal® Technologies Inc. CSE: MTI,FWB:OFS.F,OTC:CFQSF) has closed the fifth tranche of its previously announced non-brokered private placement in the amount of US$335,000. MicroCoal plans to use the net proceeds from the private placement to advance construction on its first commercial facility in Indonesia for upgrading low rank coals as well as for general corporate purposes and for working capital.

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Market News

Indian Coal-Fired Plants Running Out of Stock

Reuters reported today that according to India's state run NTPC (NSE:NTPC), six of the country's coal fired power plants could not handle even a small supply disruption due to low coal stocks. NTPC Chairman Arup Roy Choudhury told the news outlet that coming monsoons would make it even more difficult to replenish stocks in the country.

Bank of America Lowers Thermal Coal Price Forecast

Bloomberg reported Friday that Bank of America has brought down its forecast for thermal coal prices in Australia. European coal prices saw a drop following the announcement, according to Bloomberg.

India Puts 2.5 Percent Duty on Coking Coal Imports

The Economic Times reported on Thursday that India will impose a 2.5 percent duty on imports of coking coal, which could lift domestic steel production costs. However, the government also imposed a duty on flat-rolled stainless steel products in an attempt to give an impetus to the stainless steel industry. Coking coal is currently priced at US$120 per tonne, according to the Times.

17 Die in Explosion at China Coal Mine

CBC News reported today that seventeen coal miners died as a result of an explosion at a coal mine operated by Dahuangshan Yuxin Coal Mining Co. Ltd..

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