Essar Exploration & Production India Ltd has planned to spend some $350 million in the next three to four years to fund drilling of 500 wells in a coal-bed methane block in eastern India. For full story, click here
To give a boost to thermal power generation, the government has set an annual coal output target of 1,055 million tonnes in the XIIth Five-Year Plan. For full story, click here
BL declared that SAIL plants, as per a tentative plan prepared so far are to consume more domestic coal in 2009-10 compared with 2008-09. For full story, click here
Black Diamond Mining Company LLC, which produces coal in Central Appalachia, revealed that it filed a plan with a U.S. bankruptcy court to emerge from Chapter 11 and an earlier motion to convert its case to a Chapter 7 liquidation had been withdrawn. For full story, click here
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 increase prices from next fiscal. For full story, click here
India and Australia signs an MoU for taking up “Action Plan for Indo-Australian collaboration on the Coal Sector”. For full story, click here
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