The Wall Street Journal's Asia MoneyBeat reported that major coal miners operating in Australia — like Glencore Xstrata plc (LSE:GLEN) and Yancoal Australia Ltd. (ASX:YAL) — are eager to auction off port assets worth "tens of millions of dollars" that were hot assets only a year and a half ago. That indicates that they are not confident that coal prices will rebound in the near future.
Coal Company News Directory
Bloomberg reported that shares of James River Coal Co. (NASDAQ:JRCC) rose to a two-month high, gaining 16 percent to reach $2.58, following the company's decision to exchange around "$243.4 million of convertible bonds for $123.3 million of new notes due in 2018."
Forbes & Manhattan Coal Corp. (TSX:FMC) announced that it has filed on SEDAR a new technical report regarding its South Africa-based coal operations.
Bloomberg reported that this year, Erdenes Tavan Tolgoi LLC will start mining the West Tsankhi coal area, located in Mongolia, in order to get out of debt and pay off Aluminum Corporation of China Ltd. (NYSE:ACH).
The Wall Street Journal reported that Glencore Xstrata plc (LSE:GLEN) is going to shelve its plans for a new coal export terminal in Queensland, Australia. The decision reportedly comes on the back of the company's concern about the medium-term outlook for the coal industry.
Bloomberg reported that state-owned China Resources (Holdings) Company Ltd. plans to integrate China Resources Power Holdings Company Ltd. (HKEX:0836) and China Resources Gas Group Ltd. (HKEX:1193) by having China Resources Power acquire China Resources Gas. The move is part of a planned shift away from coal.
Reuters reported that the Indian government plans to sell a 10-percent stake in Coal India Ltd. (BSE:533278) via a share auction that it hopes to launch by August or September. This week, it is set to invite bankers and advisers to bid to manage the offering.
The Guardian reported that UK Coal plc (OTC Pink:UKCLF), Britain’s largest coal miner, faces an uncertain future in the wake of a fire that closed its largest colliery. The company has reportedly “refused to deny” rumors that in order to avoid enforced liquidation — and a total shutdown of its business — it is pursuing voluntary liquidation.
Coalspur Mines Limited (ASX:CPL,TSX:CPT) released its quarterly report for Q1 2013.