Cliffs Natural Resources (NYSE: CLF), US coal and iron-ore miner, plans to acquire TSX-Venture Exchange-listed KWG Resources and TSX-Venture Exchange-listed Spider Resources for a combined C$186-million in the hopes of owning marjority of the Big Daddy chromite project. Cliffs Ferroalloys president William Boor is quoted saying: “However, obtaining control of Big Daddy would enable Cliffs [...]
John Wallington who joined Firestone in November to lead the bankable feasibility study (BFS) of the Waterberg coal project in South Africa has announced that it would now step down coal junior Firestone Energy MD. Firestone is quoted saying: “Wallington will continue to be a board member and will devote such time as is necessary [...]
The coal export giant, BHP Billiton’s Douglas-Middelburg optimisation (DMO) project has contracted AFS Group (Pty) Ltd to supply its fuel monitoring technologies and expertise to BHP. AFS have been supplying for all all of BHP’s collieries and will now include the DMO project site. AFS Group GM Pradil Maharaj is quoted saying: ” We oversee [...]
When the Russia coal mine disaster happened, there were a total of 360 people working at the Raspadskaya mine. The two blasts has recorded a total of 12 casualties and left a total of 103 trapped inside the mine site. Russian Prime Minister Vladimir Putin told an urgent Cabinet meeting in Moscow, “By all accounts, [...]
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%.
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
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.
Coal India may invite nine shortlisted private parties from India and abroad for turnkey development and long-term operation of high capacity underground mines in seven virgin blocks, in a pre-bid meeting later this month. For full story, click here
There’s no denying the worldwide recession has led to global cutbacks in the demand for most commodities, coal included. Coal producers like Peabody Energy have been forced to curtail production as demand slumps from both the steel industry and the energy sector.
During the 1980s, a coal mining strike changed the landscape of many Scottish towns. Tight-knit communities and families were torn apart by the long strike that drained meager savings, by the workers who left for other jobs and by Margaret Thatcher’s union-busting policies. For full story, click here
Tuesday, May 25, 2010