The Bihar government had to close down its lone thermal power plant at Barauni in Begusarai district due to acute shortage of coal. For the last one week, the plant is non-operational causing severe power crisis in the state. For full story, click here
U.S. coal miner Peabody Energy is actively pursuing investments in the Asia Pacific region, particularly in Indonesia, to boost its output and trading capacity of thermal coal in the region. For full story, click here
South Korean utility Korea Midland Power Co. announced that it has tendered for 675,000 tonnes, or 11 panamax-sized shipments, of thermal coal for delivery between July to August. For full story, click here
GMR Energy, a subsidiary of Bangalore-based infrastructure company GMR Infrastructure Ltd. announced that it is planning to set up a 2,000-Mw thermal power plant near a port on the west coast. The company has already tied up coal supplies by acquiring a mine for $100 million in Indonesia last year. For full story, click here
The U.S. Interior Department has said it will try to overturn a Bush administration rule that made it easier for coal mining companies to dump mountaintop debris into valley streams. The action is the latest blow to the coal industry, which defends mountaintop mining as a safer, cheaper alternative to traditional underground mining.
Sajjan Jindal-led JSW Energy declared that it is close to acquiring a sub-Saharan African thermal coal mine, which has reserves of more than 200 million tonnes, to minimise dependence on other overseas companies. For full story, click here
As per sources from China’s Coal Industry Association that, in the initial negotiation between China’s coal enterprises and Japan, the two sides came to agreement and made thermal coal price at around USD 70 per tonne dipping by 46% compared with last year’s USD 130 per tonne. For full story, click here
Upgrade season is on and for coal and things seem to be heating up. Coal prices appear to be at a bottom and credit markets are beginning to work again, which should provide a positive catalyst for the industry. Cancellations of mining projects stabilized in February as well. To add to the positive news, J.P. Morgan on Monday upgraded mining firms Joy Global (JOYG) and Bucyrus International Inc. (BUCY) to neutral from underweight.
Oswal Chemicals and Fertilisers announced that it has initiated talks with three separate Indonesian coal firms to acquire thermal coal reserves for captive and use. Thermal coal is used for generating power and making fertilisers. HGR vice-president Amar Bhasin stated: While some Indonesian mining companies have offered up to 70% stake in the mines to [...]
Sophia Power, Adani Power, KSK Power and Monnet Ispat reported that they are in the race for participating in NMDC’s thermal coal venture. For full story, click here
Get our independent commentary on coal trends and companies delivered to your inbox.
