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 [...]
ASX listed coal producer, Macarthur Coal Limited (ASX:MCC) has rejected US-based Peabody Energy’s trimmed down offer from A$16 a share to A$15 a share. The company cannot make this offer to shareholders. Peabody’s reason for the trim down is due to the 40% super profits tax by the Australian government. Macarthur was quoted saying: “The [...]
Metallurgical coal producer Western Canadian Coal declared that its first-quarter profit plunged 94 percent as it sold fewer tonnes of coal and prices dipped sharply. For full story, click here
Shares of James River Coal Corp. slipped on Monday after the mine operator posted second-quarter earnings shy of Wall Street expectations and slashed expectations for the full year. For full story, click here
Coal miner Consol Energy Inc declared a smaller-than-expected second-quarter profit on Thursday, but the company provided an optimistic outlook for coal used to make steel and its shares surged in early trading. For full story, click here
International Coal Group Inc has posted a second-quarter profit that beat market estimates by a cent and said the worst of the market weakness seemed to be over, sending its shares up 10 percent. Chief Executive Ben Hatfield declared: Economic signals from Asia are somewhat encouraging, and we are hopeful that the U.S. economy will [...]
Steel Authority of India Ltd, the nation’s second-biggest steelmaker, declared a dip in profit for the second straight quarter as metal prices fell and coal costs remained at a record. For full story, click here
James River Coal Co’s quarterly profit has beaten expectations, boosted by a 73 percent surge in the average price of Central Appalachian coal, but it would adjust production volumes to keep pace with the softness in the coal market. Chief Operating Officer C.K. Lane stated: In response to the weak coal markets, we are continuing [...]
Yanzhou Coal Mining, a Chinese coal producer declared that its Q1 net profit has been down by 48.5%. For full story, click here
Arch Coal Inc.’s bleak first-quarter earnings, dismal 2009 profit outlook and output cuts sent shares tumbling for the second straight day and prompted two analysts to cut the coal company’s price target. For full story, click here
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