GMR Energy, a subsidiary of Bangalore-based infrastructure company GMR Infrastructure Ltd. announced that it is planning to set up a 2,000-Mw thermal power plant near a port on the west coast. The company has already tied up coal supplies by acquiring a mine for $100 million in Indonesia last year. For full story, click here
Red Hill Energy (CVE:RH) announced today that their 100% owned Ulaan Ovoo coal project in Mongolia received a positive pre-feasibilty study. The study shows at a coal price of $76US/tonne, an after tax and royalty NPV of $US250 million with a discount rate of 10%.
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
Ideas for a new generation of coal-fired power plants to stave off a potential energy crisis are to be declared by the government of UK. For full story, click here
Upgrade season is on and for coal and things seem to be heating up. Coal prices appear to be at a bottom and credit markets are beginning to work again, which should provide a positive catalyst for the industry. Cancellations of mining projects stabilized in February as well. To add to the positive news, J.P. Morgan on Monday upgraded mining firms Joy Global (JOYG) and Bucyrus International Inc. (BUCY) to neutral from underweight.
Australia’s Beach Petroleum Ltd, a second-tier oil and gas producer announced that it has sold 40 percent of its stake in a coal seam gas field to Arrow Energy Ltd for up to $286.3 million. For full story, click here
After a dark winter for Canadian coal producers, spring supply contract negotiations halfway around the world are providing a glimmer of light at the end of the mine shaft. As news of the pricing agreement filtered through the market last week, Canadian coal stocks have reaped the benefits.
Coal exploration and development company CIC Energy, which is developing the Mmamabula Energy Project in Botswana expects to commence supplying power to the grid in early 2013. For full story, click here
Binani Cement, a subsidiary of Binani Industries, has set its eyes to acquire coal blocks in Indonesia to meet its energy requirements. For full story, click here
China has discovered a new coal field containing more than 13 billion tonnes of proven coal reserves in the northwestern region of Xinjiang, the China News Service reported on Monday. The 1,400 square-kilometre Sha'erhu coal field, located in the county of Shanshan in eastern Xinjiang
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