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 [...]
After the blast in Russia’s largest coal mine Monday there are still 58 miners missing and the head of rescue has faded any glimpse of hope of finding more lives under the rubble. Emergencies Minister Sergei Shoigu reported to President Dmitry Medvedev by video link: “The rescue work is continuing of course, but unfortunately the [...]
Commodities supplier Noble Group Ltd., which is part-owned by China Investment Corp., confirmed 2009 Q1 profit increase of 28 percent for coal, iron ore, and aluminum owing to the country’s economic recovery. The press release is quoted as saying: Net income increased to $115 million, or 2.86 cents a share, for the three months ended [...]
The Chinese energy company that paid more than $3 Billion for Felix Resources Ltd., Yanzhou Coal Mining Co. saw its shares decline as much as 5.2% after falling another 6.3% yesterday. According to the Australian Government on May 2, the 40% tax will start in 2012. Anna Yu, an energy analyst at Taifook Securities Group [...]
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 [...]
Demand for coal to generate electricity and make steel in China and India is expected to grow by 7-8% annually in the next five years, leaving the world chronically short of the fuel. Moreover, currencies linked to coal have outperformed both their emerging market and G-10 peers.
Australia’s Riversdale Mining declared that it has been granted a mining licence for the Benga Coal project in Mozambique. 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%.
We are into the second half of the second month of 2009 and pressure on coal prices have not eased. While the long-term outlook in this sector remains strong, thanks to strong fundamentals, spot prices continue to be under pressure. The reasons are being cited as high utility coal inventories, lower demand for electricity and competition from natural gas.
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