CBC Money reports Teck Cominco has secured close to $10 billion in financing needed to take over Fording Canadian Coal Trust however shares still fell. Teck shares sank $4.65, or 13.9 per cent, to $28.92 on the TSX, just shy of its 52-week low of $28. Teck shares were trading near $53 in May. Analysts said the [...]
Read the full article: "Teck secures financing to buy Fording, but..."
Monday, September 8, 2008
India is likely to run out of its 60-70 billion tonnes of coal reserves by 2040-4, if the demand continues to increase at the present rate. Coal India Ltd (CIL) Chairman Partha S Bhattacharyya said: We need to employ new mining technologies to go deeper to explore the untapped resources, otherwise by 2040-41 our present coal blocks will [...]
Read the full article: "India's coal reserves may exhaust by 2040"
Monday, September 8, 2008
Six miners rescued out of a flooded Renhe Coal Mine in Henan province on Sunday but 18 of their fellow workers were still trapped underground. For full story, click here
Read the full article: "6 rescued, 18 trapped in Henan coal mine"
Monday, September 1, 2008
The Australian mining company Riversdale has announced that it has completed its Coal Project Mining Study, for an open cast coal mine at Benga, in the western Mozambican province of Tete, and has delivered the study to the Mozambican government. Executive Chairman of Riversdale, Michael O’ Keefe said: A detailed environmental impact study on both the [...]
Read the full article: "Riversdale plans coal mining in Mozambique"
Monday, September 1, 2008
An audit official reported on Monday that executives of Indonesian coal firms, who were banned from travelling due to unpaid royalties, agreed to pay a total of 600 billion rupiah ($65.5 million) in order to settle the dispute. Chairman of the Financial and Development Supervisory Board Didi Widayadi said: The coal contractors have agreed to pay 600 [...]
Read the full article: "Indonesia coal firms to pay $65.5 million in..."
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Tuesday, September 30, 2008