A gas leak from a coal mine in Central China has caused 30 deaths as of Monday, Chinese state media has said. The gas leak occurred while more than 276 workers were underground. 239 have escaped, but more are feared dead after more than 2,500 tons of coal dust smothered the pit after a gas [...]
The years-long effort to develop a coal mine in the Otter Creek Valley has come to naught. Queensland billionaire Clive Palmer has also backtracked on his $60 b coal contract with a Chinese group. What seems to be happening here?
There is a real, physical demand for commodities and coking coal price is expected to jump by 36% in 2010, forecast analysts.
Coal companies are locking in some advantageous deals, as the broad economy juggernaut rallies forth. Look out for coal stocks in 2010.
Arch Coal has completed the acquisition of Rio Tinto's Jacobs Ranch coal mine for $764 million. For Rio Tinto, under tremendous pressure to reduce its $42-billion debt, the selling spree has just got underway. Meanwhile, rival BHP Billiton is sitting pretty with $18 billion in cash, and is eyeing 5 acquisitions. So is Western Coal.
China has tentatively agreed to majority finance an ambitious US$ 5.15 billion Queensland coal mine project, as the north Asian giant continues its relentless pursuit of Australia's resource assets. Australia's Waratah Coal Pty Ltd. announced in Brisbane on Thursday that it has entered into a deal with China's Metallurgical Group Corporation (MCC) for developing the country's largest thermal coal mine in Queensland at a cost of A$6.6 billion.
The U.S. Interior Department has said it will try to overturn a Bush administration rule that made it easier for coal mining companies to dump mountaintop debris into valley streams. The action is the latest blow to the coal industry, which defends mountaintop mining as a safer, cheaper alternative to traditional underground mining.
Sajjan Jindal-led JSW Energy declared that it is close to acquiring a sub-Saharan African thermal coal mine, which has reserves of more than 200 million tonnes, to minimise dependence on other overseas companies. For full story, click here
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