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 [...]
Continental Coal, a South African junior coal explorer has appointed its new CEO in the person of Lodewyk Turvey. The article is quoted as saying: “Turvey has more than 25 years experience in the South African coal mining industry, and has held roles with diversified miner BHP Billiton, Energy Coal, Ingwe, and Koornfontein Mines.” Click [...]
Cliffs Natural Resources, a US coal- and iron-ore miner, has announced its increase on the company’s common shares by 60 percent. By close of business on May 14, 2010, the quarterly dividend will be increased to $0,14 a share. This is payable on June 1, 2010. CFO Laurie Brlas is quoted saying: “Cliffs’ outlook for [...]
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, [...]
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 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.
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.
State Administration of Work Safety has announced to shut down 1000 small coal mines this year to further eliminate obsolete capacity. For more information, click here
Xstrata Ltd said on Wedenesday mining and transport operations were being disrupted by heavy rains in Australia’s Queensland state. For full story, click here
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