London-listed Xstrata Plc. has planned to close its United Colleries coal mine in Australia’s Hunter Valley in March 2010, after the exhaustion of economically recoverable reserves. For full story, click here
International Coal Ventures, the special purpose vehicle of five leading PSUs to scout coal properties abroad will close acqusition of four mining blocks in Mozambique with estimated reserves of 900 million tonnes. For full story, click here
Reports reveal that the Mozambique coal block allotted recently to Coal India Ltd. is likely to go into production over the next two-to-three years. With initial estimated reserves of 1 billion tonnes, coal will be imported to cater to the domestic demand from customers in western India. For full story, click here
China has discovered a new coal field containing more than 13 billion tonnes of proven coal reserves in the northwestern region of Xinjiang, the China News Service reported on Monday. The 1,400 square-kilometre Sha'erhu coal field, located in the county of Shanshan in eastern Xinjiang
China reported to have discovered a new coal field containing more than 13 billion tonnes of proven coal reserves in the northwestern region of Xinjiang. 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.
Supply and demand of coal is expected to be a bit more important in 2009, with the almost irrational movement along with crude oil turning out to be less of an influence.
India is likely to run out of its 60-70 billion tonnes of coal reserves by 2040-4, if the demand continues to increase at the present rate. Coal India Ltd (CIL) Chairman Partha S Bhattacharyya said: We need to employ new mining technologies to go deeper to explore the untapped resources, otherwise by 2040-41 our present coal blocks will [...]
Chief Minister Syed Qaim Ali Shah of Sindh, Pakistan formed a four-member committee for evaluation of reserves of coal in Thar area. For more information, click here
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