Coal prices have risen 30 per cent from their low in March. However, for the second half of 2009, there are still risks of tight coal supply. In China, many domestic producers have arbitraged the low offshore prices with higher onshore prices, which has made demand look stronger than it was. So, correction is expected in the new two months. However, strong demand for thermal coal in China and India is expected to help Asia avoid the first fall in imports for a decade this year, and push import growth even higher in 2010.
Cement maker ACC Ltd today signed an agreement with Madhya Pradesh Government to jointly explore and develop four coal blocks, having an estimated reserve of 200 million tonnes, in the state. For full story, click here
Coal India on Friday has signed the much-awaited fuel supply agreement with NTPC for the supply of coal to the thermal power generating company, having both penalty and bonus clauses. Mr Partha S Bhattacharyya, Chairman, CIL, stated: Coal India signed the model FSA with NTPC, which represents all PSU power utilities. The tenure of the [...]
Weighed down by the Rs 4,000 crore per annum on account of the upward revision in salaries of its 400,000 employees under the National Coal Wage Agreement, Coal India Limited is set to go in for an across-the-board hike in coal prices. For full story, click here
Strike Oil declared that it will target coal seam gas in the Cooper Basin region after winning the first petroleum exploration licence granted under a native title land access agreement. For full story, click here
Gulfside Minerals Limited declared that the Company has signed final Share Purchase Agreements with two private Mongolian companies to acquire 100% interest in three Mining Exploration Licenses encompassing the Khar-khonkhor Brown Coal Deposit and the Onjuul Brown Coal Deposit located within the Choir-Nyalga Coal Basin situated in SW Mongolia. For full story, click here
NMDC Ltd, the largest supplier of iron ore in India, is said to have signed an agreement with West Australian mineral resources developer Stirling Resources Ltd to jointly identify and acquire coking coal and iron ore assets in Australia and New Zealand. For full story, click here
Monday, September 21, 2009