MarketWatch reported that 2012 has been the toughest year for China’s coal companies since 2002. The China National Coal Association stated that the combined profits for the first six months for 90 major coal miners dropped 8.8% from the same period in 2011, the first decline of its kind in a decade.
Reuters reported the rise in profitability of European coal for power generation due to the Euro’s gains against the dollar since the ECB bond plan to benefit troubled Euro zone members.
Forbes & Manhattan Coal Corp. (TSX:FMC) announced the company’ stance regarding the tactics adopted by a group of dissident shareholders who wish to position the board members in order to make any future acquisitions advantageous to the dissidents.
SinoCoking Coal and Coke Chemical Industries, Inc. (NASDAQ: SCOK) announced plans to release its 2012 fourth quarter and year ended June 30, 2012 financial results on or about September 28, 2012.
Reuters reported the prices of metallurgical coal, used for steel and metals-making furnaces, could drop by close to 25%, as the fuel nears its cheapest prices in 3 years. Japanese buyers are likely to settle for $160-$170 a tonne for the fourth quarter, a sharp drop from the previous quarter.
Forbes & Manhattan Coal Corp. (TSX:FMC) urged its sharholders to vote their BLUE proxy for the management slate of board nominees before the deadline on September 13, 2012 at 10 am.
Arch Coal, Inc. (NYSE: ACI) ranked in the top 250 Business Technology Innovators of the 2012 InformationWeek 500, marking the 7th consecutive year of recognition for the company.
Dominion (NYSE:D) announced that it intends to pursue the sale of three fossil-fuel fired merchant power stations.
Dominion Virginia Power, subsidiary of Dominion (NYSE:D), announced plans to convert Bremo Power station from using coal to natural gas, keeping in line with the nine recent conversions or closings of company-owner power stations in recent years, in an effort to reduce harmful emissions.
L & L Energy, Inc. (NASDAQ: LLEN) announced that it has acquired owner-operated coal sales company GuangYeh Coal Sales Co.