By Desmond McMahon—Exclusive to Coal Investing News Analysts expect coal prices to continue to rise after a strong first quarter performance with demand from China and the United States putting increased pressure on limited supply. And, The World Bank approved funding for a massive coal-burning plant in South Africa. Steel-making coal prices jumped 22 percent [...]
The government is planning to incorporate a provision in the proposal for auction of coal blocks, under which preference would be given to companies, which were willing to set up end-use industries in the State in which they would mine coal. For full story, click here
B.C.’s mining industry has posted record profits in 2008 primarily on the strength of coal but 2009 is not shaping up as well. For full story, click here
While U.S. coal miners are likely to report strong quarterly profits this month, weak demand and a supply glut could hover the industry’s prospects for the rest of the year. For full story, click here
Zhengzhou Coal Industry Group Co Ltd, a state-owned enterprise located in central China’s Henan Province, reported that it will issue corporate bonds worth RMB 1 billion. For full story, click here
A dip in the contract price of coal by 40 per cent is being shrugged off by the industry. However, it will make a multi-billion-dollar dent in national export revenues. PricewaterhouseCoopers mining analyst, Tim Goldsmith, said: You’ve got to look at the fact that last year prices pretty much doubled and in some cases tripled. [...]
Coal stocks have been hit hard in this recession, given slumping electricity demand in the U.S. and the sharp drop-off of steel demand. For shareholders of Patriot Coal Corp (PCX: NYSE), the pain has been particularly acute. The stock lost 96 per cent of its value since last June's record highs. This year alone, Patriot's stock is down 41 per cent versus a 1 per cent decline by the Dow Jones U.S. Coal Index.
China had dominated the metals market agenda the previous week but last week all eyes were on the world’s largest economy, the United States. For full story, click here
The coal industry is concerned it will not get enough financial assistance out of emissions trading. For full story, click here
Supply and demand of coal is expected to be a bit more important in 2009, with the almost irrational movement along with crude oil turning out to be less of an influence.
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