Sept30, 2011
Peabody Energy announced it has opened an office in Essen, Germany, expanding the company coal trading platform into a growing market for coal.
Mr Richard Navarre Peabody Energy president and chief commercial officer said the decision provides Europe with new alternatives of power.
He said that “Our presence in Essen broadens our sourcing and shipping capabilities to deliver coal from Peabody US operations to European customers who increasingly are turning to coal to displace nuclear generation and high cost natural gas.”
Peabody Essen office will be headed by Mr Juergen Treschan who has been named the director of trading and logistics for Northern Europe. He will be in charge of operations dealing with international trading activities in Germany and neighbouring countries.
Showing posts with label coal trading firm. Show all posts
Showing posts with label coal trading firm. Show all posts
Friday, September 30, 2011
Thursday, August 25, 2011
SEC suspends trading of Puda Coal Inc
Thursday, 25 Aug 2011
It is reported that the Securities and Exchange Commission suspended trading of China-based Puda Coal Inc citing a lack of current and accurate information on the company.
The move comes amid heightened scrutiny of Chinese companies listed in the US many of which have seen their stock tumble amid auditing problems and stubborn rumors of other improprieties. After an investigation, Puda earlier this year admitted it found evidence that supported allegations that Chairman Mr Ming Zhao had made unauthorized transactions in the shares of a business unit that were inconsistent with company disclosures.
The SEC recently cited the company findings as well as the July resignation of its auditors who said investors should no longer rely on the firm's previously issued audit reports. The agency ordered that trading be suspended through September 1.
The Chinese producer of high grade metallurgical coking coal which is used in steelmaking last month said it submitted a plan to the New York Stock Exchange Amex to regain compliance with its listing standards.
(Sourced from Dow Jones Newswires)
It is reported that the Securities and Exchange Commission suspended trading of China-based Puda Coal Inc citing a lack of current and accurate information on the company.
The move comes amid heightened scrutiny of Chinese companies listed in the US many of which have seen their stock tumble amid auditing problems and stubborn rumors of other improprieties. After an investigation, Puda earlier this year admitted it found evidence that supported allegations that Chairman Mr Ming Zhao had made unauthorized transactions in the shares of a business unit that were inconsistent with company disclosures.
The SEC recently cited the company findings as well as the July resignation of its auditors who said investors should no longer rely on the firm's previously issued audit reports. The agency ordered that trading be suspended through September 1.
The Chinese producer of high grade metallurgical coking coal which is used in steelmaking last month said it submitted a plan to the New York Stock Exchange Amex to regain compliance with its listing standards.
(Sourced from Dow Jones Newswires)
Thursday, March 17, 2011
Wescoal and contractor trade blame
Sutha Civils lays fraud charge against Wescoal, threatens to launch liquidation process.
Mar15,2011 07:16:15 AM
By Allan Seccombe, Business Day
IN THE matter of Wescoal versus its contractor, Sutha Civils, both parties are at opposite poles, with Sutha laying a complaint with the police against the JSE-listed coal producer’s subsidiary, Wescoal Mining, which denies any wrongdoing and blames the action on "malicious intent".
Sutha will today file a liquidation process in the South Gauteng High Court, said Sutha CEO Nico Swart, who says he will meet members of the Commercial Crimes Unit to flesh out his allegations and give documentary proof. Mr Swart is clear about the root of his allegation made against Wescoal and its Khanyisa colliery. "There is no coal," he said yesterday .
He said Sutha was contracted to do open-cast mining at Khanyisa and were given co-ordinates by the mine’s geologist. However, when the site was opened, the targeted coal was not there, he said.
"This is not my problem if there is no coal," he said. "The tonnages mined from the box cuts are not what they told investors.
"I have my documents, contracts and drawings showing where places were opened up, but there was no coal. I can show these to investors, the police. I can show the coal is not there."
Wescoal Holdings CEO Andre Boje dismissed the claim with unusual bluntness. "I categorically deny that claim. Furthermore, I’m not going to debate with these hooligans in the media. They are making unfounded and scary allegations."
Wescoal and its lawyers had yet to see the documentary proof Mr Swart claimed to have, Mr Boje said. "Among a number of unsubstantiated claims, Sutha has now accused Wescoal of overstating tonnages mined at Khanyisa. We categorically deny this. We are a company with integrity and ethical principles and in this case, a target of malicious intent."
Wescoal’s counterallegation is that Sutha was mining outside the area in some cases.
Wescoal shares fell to 91c yesterday before staging a recovery to end back at Friday’s price of 99c.
Wescoal told the market via a release on Sens that it had begun its first investigation into irregularities in the Sutha contract within five months of Sutha being hired to mine the west pit at Khanyisa.
"No meaningful explanations were forthcoming from Sutha and the situation was exacerbated, until December 2010 when Wescoal removed Sutha from the Khanysia property and operation in entirety," the Sens statement said.
Mr Swart said there may be a second party to the liquidation proceedings. Mr Boje said he was aware of no other claims against Wescoal.
Khanyisa is the first operating mine in the group and marked its shift from being a coal trading firm to an integrated producer. It is an open-cast mine near Kendal in Mp umalanga and has an estimated reserve of 2,7-million tons.
In April to September last year , Khanyisa produced 887000 tons of coal, of which 546000 tons was supplied to Eskom. Wescoal said that the mine should reach its stated target of 1,2-million tons of run-of-mine coal by the financial year-end on March 31, and it is forecast to have supplied Eskom with 900000 tons in the same period.
By Allan Seccombe, Business Day
IN THE matter of Wescoal versus its contractor, Sutha Civils, both parties are at opposite poles, with Sutha laying a complaint with the police against the JSE-listed coal producer’s subsidiary, Wescoal Mining, which denies any wrongdoing and blames the action on "malicious intent".
Sutha will today file a liquidation process in the South Gauteng High Court, said Sutha CEO Nico Swart, who says he will meet members of the Commercial Crimes Unit to flesh out his allegations and give documentary proof. Mr Swart is clear about the root of his allegation made against Wescoal and its Khanyisa colliery. "There is no coal," he said yesterday .
He said Sutha was contracted to do open-cast mining at Khanyisa and were given co-ordinates by the mine’s geologist. However, when the site was opened, the targeted coal was not there, he said.
"This is not my problem if there is no coal," he said. "The tonnages mined from the box cuts are not what they told investors.
"I have my documents, contracts and drawings showing where places were opened up, but there was no coal. I can show these to investors, the police. I can show the coal is not there."
Wescoal Holdings CEO Andre Boje dismissed the claim with unusual bluntness. "I categorically deny that claim. Furthermore, I’m not going to debate with these hooligans in the media. They are making unfounded and scary allegations."
Wescoal and its lawyers had yet to see the documentary proof Mr Swart claimed to have, Mr Boje said. "Among a number of unsubstantiated claims, Sutha has now accused Wescoal of overstating tonnages mined at Khanyisa. We categorically deny this. We are a company with integrity and ethical principles and in this case, a target of malicious intent."
Wescoal’s counterallegation is that Sutha was mining outside the area in some cases.
Wescoal shares fell to 91c yesterday before staging a recovery to end back at Friday’s price of 99c.
Wescoal told the market via a release on Sens that it had begun its first investigation into irregularities in the Sutha contract within five months of Sutha being hired to mine the west pit at Khanyisa.
"No meaningful explanations were forthcoming from Sutha and the situation was exacerbated, until December 2010 when Wescoal removed Sutha from the Khanysia property and operation in entirety," the Sens statement said.
Mr Swart said there may be a second party to the liquidation proceedings. Mr Boje said he was aware of no other claims against Wescoal.
Khanyisa is the first operating mine in the group and marked its shift from being a coal trading firm to an integrated producer. It is an open-cast mine near Kendal in Mp umalanga and has an estimated reserve of 2,7-million tons.
In April to September last year , Khanyisa produced 887000 tons of coal, of which 546000 tons was supplied to Eskom. Wescoal said that the mine should reach its stated target of 1,2-million tons of run-of-mine coal by the financial year-end on March 31, and it is forecast to have supplied Eskom with 900000 tons in the same period.
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