Reuters reported that Vale SA (NYSE:VALE) intends to sell a 15- to 25-percent stake in its coal operations as it works to bring in funding, cut capital commitments and help mitigate risk. The company has already seen interest from potential partners.
Coal Company News Directory
Bloomberg reported that Ivan Glasenberg, CEO of Glencore Xstrata plc (LSE:GLEN), is pushing his company to invest more in thermal coal than its three closest competitors, namely BHP Billiton Ltd. (ASX:BHP,NYSE:BHP,LSE:BLT), Anglo American plc (LSE:AAL) and Rio Tinto plc (ASX:RIO,NYSE:RIO,LSE:RIO).
Reuters reported that China Kingho Energy Group, a private company, has made a $60-million bid for Carabella Resources Ltd. (ASX:CLR), an Australian coal explorer. The news outlet describes the move as indicative of China's interest in purchasing cheap coal assets in the land down under.
Reuters reported that the Colombian government is looking for ways to allow miners to keep exporting coal even if they have not switched over to automated loading by January 1, 2014. The deadline is problematic in part because it could result in Drummond Company Inc. stopping one-third of the country's exports when 2014 begins.
SouthGobi Resources Ltd. (TSX:SQG,HKEX:1878) announced its financial and operating results for the three and nine months ended September 30, 2013, commenting that during the third quarter it produced 1.13 million tonnes of raw coal with a strip ratio of 1.39. During the same period, its revenue came in at $15.7 million, up from $3.8 million in the year-ago quarter.
Bloomberg reported that Australia's foreign investment regulator said that Yanzhou Coal Mining Co. Ltd. (NYSE:YZC) must abide by an agreement to lower its stake in Yancoal Australia Ltd. (ASX:YAL). The company is supposed to make 30 percent of Yancoal's shares available to Australian investors by the end of the year.
Reuters reported that Colombia's Cerrejon, a joint venture between Anglo American plc (LSE:AAL), BHP Billiton Ltd. (ASX:BHP,LSE:BLT,NYSE:BHP) and Glencore Xstrata plc (LSE:GLEN), may have problems meeting its 2013 production target of 34 million tonnes of coal as a result of a strike earlier this year and attacks on its railway.
ABC News reported that the environmental impact statement (EIS) for Bandanna Energy Ltd.'s (ASX:BND) Springsure Creek coal mine, located in Central Queensland, Australia, has been approved by the state government.
Reuters reported that James River Coal Co. (NASDAQ:JRCC) has idled another four mines in Central Appalachia, also temporarily laying off around 200 employees. The move was based on weak coal prices and a desire to conserve cash.
Reuters reported that the premier of Queensland, Australia has said the state will offer incentives — such as lower state royalties and port access — to companies that want to develop coal mines in the Galilee Basin. Development in that area has been slowed by poor coal prices and lack of funding.