South Africa will not be able to reach its 65 million tonnes of coal exporting expectations for 2010 due to the transport strike that has crippled rail and ports. This is according to the Richards Bay Coal Terminal (RBCT). RBCT Chief Executive Raymond Chirwa is quoted saying: “On average we could be receiving 1.3-1.4 million [...]
Sumitomo Metal Industries, Japan’s third-biggest steelmaker said that BHP Billiton Ltd (BHP:ASX) has requested for more than 10% rise in the price of coking coal for the July-September quarter. Takeshi Osawa, senior fund manager at Norinchukin Zenkyoren Asset Management is quoted saying: “The rebounds of stocks are weak, meaning the news of the price hikes [...]
Indonesian Coal Mining Association chairman talked to the Mining Association on Monday that Indonesia is expecting a total coal ouput to reach 320 million tonnes this year, compared to only 300-million tonnes it produced in 2009. Indonesian Coal Mining Association chairman, Bob Kamandanu is quoted saying: “Coal demand is bullish, especially from China and India [...]
Coal prices have risen 30 per cent from their low in March. However, for the second half of 2009, there are still risks of tight coal supply. In China, many domestic producers have arbitraged the low offshore prices with higher onshore prices, which has made demand look stronger than it was. So, correction is expected in the new two months. However, strong demand for thermal coal in China and India is expected to help Asia avoid the first fall in imports for a decade this year, and push import growth even higher in 2010.
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
China Mining declared that China has made progresses in building large coal production bases with 13 leading coal production bases approved by the state making up 83% of the national coal output. For full story, click here
Mining group Xstrata Plc. released first-quarter output and price data on Tuesday. For full story, click here
International Coal Group declared that it is willing to cut production more as it deals with dipping demand and prices. 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%.
Cline Mining Corporation reported that the refurbishment and development to commercial production of its New Elk metallurgical coal mine located in southern Colorado, U.S.A. is proceeding well and Phase I is approaching completion. For full story, click here
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