Friday, 09 Mar 2012
Xstrata Coal has agreed to acquire the Sukunka hard coking coal deposit from Talisman Energy Inc for USD 500 million in cash, subject to customary conditions.
Sukunka is located in the Peace River Coalfield of northern British Columbia, contiguous with First Coal Corporation and Lossan tenements acquired by Xstrata Coal in August and October 2011 respectively.
Sukunka has an NI 43-101 compliant coal resource of 236 million tonnes in the Measured and Indicated categories. Norwest Corporation has completed a pre-feasibility study for a longwall mine producing hard coking coal. Xstrata Coal’s technical studies indicate the potential to realise further value from the resource.
Mr Peter Freyberg CEO of Xstrata Coal said that “Based on our due diligence and technical analysis, Sukunka has the potential to be a high quality metallurgical coal mine. Once developed, Sukunka would meaningfully increase our exposure to hard coking coal, while unlocking synergies with our neighbouring assets in the Peace River coalfield and providing additional regional scale.”
Source - Xstrata
Showing posts with label coking coal miner. Show all posts
Showing posts with label coking coal miner. Show all posts
Friday, March 9, 2012
Monday, February 6, 2012
CFMEU miners vow to strike in coking coal Bowen Basin
Monday, 06 Feb 2012
ABC reported that the Construction, Forestry, Mining and Energy Union said that it will push ahead with industrial action in Queensland's Bowen Basin that could disrupt the world's supply of coking coal.
Late last week, mass meetings of coal miners endorsed a week long shutdown of BMAs seven Queensland mines.
It is the culmination of a 15 month enterprise bargaining dispute between BMA and the CFMEU.
CFMEU spokesman Steve Smyth said that negotiations have broken down over the key issues of housing, safety representatives and equal pay for equal work.
He says union officials will meet this week.
He said “We go away and look at what has the least amount of impact on our members and the most impact on the company.”
He says strike action will take place in the next couple of weeks but workers are prepared for any company retaliation.
In a statement, BMA asset president mr Steve Dumble said that industrial action will harm employees and delay an outcome and the unions should return to the negotiating table.
(sourced from abc.net.au)
ABC reported that the Construction, Forestry, Mining and Energy Union said that it will push ahead with industrial action in Queensland's Bowen Basin that could disrupt the world's supply of coking coal.
Late last week, mass meetings of coal miners endorsed a week long shutdown of BMAs seven Queensland mines.
It is the culmination of a 15 month enterprise bargaining dispute between BMA and the CFMEU.
CFMEU spokesman Steve Smyth said that negotiations have broken down over the key issues of housing, safety representatives and equal pay for equal work.
He says union officials will meet this week.
He said “We go away and look at what has the least amount of impact on our members and the most impact on the company.”
He says strike action will take place in the next couple of weeks but workers are prepared for any company retaliation.
In a statement, BMA asset president mr Steve Dumble said that industrial action will harm employees and delay an outcome and the unions should return to the negotiating table.
(sourced from abc.net.au)
Thursday, January 26, 2012
China coal firm rejects fraud claims after shares tank
Thursday, 26 Jan 2012
Reuters reported that China Winsway Coking Coal Holdings Ltd dismissed a research report alleging financial fraud at the logistics company that sent its shares plunging on Thursday.
Hong Kong listed Winsway which made its market debut in 2010 and has a market value of HKD 7.2 billion said that nothing in a 10-page report by a company called Jonestown Research alleging fraud at the firm had been substantiated and that its accountants were reputable and had carried out due diligence.
Mr Jerry Xie Winsway Chief Financial Officer said "There is nothing funny or smelly in our prospectus."
He made the remarks in response to the Jonestown Research report, which alleged that "Winsway has material misstatements in its reported numbers that amount to securities fraud."
Mr Xie said "The information in the Jonestown report was unsubstantiated and wrong. KPMG will be fully behind us. We don't know if there will be a review. We need time to decide how to respond to this officially and if an investigation is warranted."
He said that "Jonestown was using Moody report to say Winsway is a fraud. I don't know how credible that report was. He added that Winsway would arrange tours to show investors the company was not a fraud.”
Jonestown Research said in a disclaimer at the end of its report that it had built a short position on Winsway shares and had every reason to want its stock price to go down.
No contact details for Jonestown were immediately available.
China-focused private equity fund Hopu Investment Management Co in May last year sold nearly half its stake in Winsway for around USD 82 million.
(Sourced from Reuters)
Monday, October 31, 2011
BHP Australia coal miners to resume work stoppages Friday-union
Mon Oct 31, 2011
Oct 31 (Reuters) - Union workers at four BHP Billiton's coal mines in Australia will resume work stoppages on Friday as part of a long-running industrial dispute with the miner, a workers' union said Monday.
The stoppages will occur at the Gregory, Peak Downs, Goonyella Riverside, and Blackwater coking coal mines as part of a campaign over job security and more pay.
The mines have a combined output capacity of more than 58 million tonnes per year of mostly metallurgical coal, representing about a fifth of annual global trade.
(sourced Reuters)
Oct 31 (Reuters) - Union workers at four BHP Billiton's coal mines in Australia will resume work stoppages on Friday as part of a long-running industrial dispute with the miner, a workers' union said Monday.
The stoppages will occur at the Gregory, Peak Downs, Goonyella Riverside, and Blackwater coking coal mines as part of a campaign over job security and more pay.
The mines have a combined output capacity of more than 58 million tonnes per year of mostly metallurgical coal, representing about a fifth of annual global trade.
(sourced Reuters)
Tuesday, October 18, 2011
Gujarat NRE gets nod to upgrade its NRE No 1 coal mine in New South Wales
Tuesday, 18 Oct 2011
Gujarat NRE receives approval to upgrade its NRE No.1 coal mine in New South Wales
Gujarat NRE can now begin the AUD 122 million upgrade of its NRE No.1 mine at Russell Vale after receiving approval from the NSW Planning Assessment Commission.
Following the commission’s written approval, Gujarat can continue the extraction of up to 1 million tonnes of coking coal per annum from the Bulli and Wongawilli seams for the next three years, continue transporting coal by truck to the Port Kembla Coal Terminal, and upgrade existing surface facilities and infrastructure.
The NSW Planning Assessment Commission made its determination after the Department of Planning and Infrastructure provided comprehensive and lengthy briefings covering issues such as subsidence, impacts on water resources, noise, air quality, traffic and incident reporting.
The NSW PAC also carefully considered the Department of Planning’s Assessment Report, including agency and public submissions.
Gujarat NRE plans to put on public exhibition further details of its $250 million expansion plans for the Russell Vale mine by the end of this year.
Gujarat’s NRE No.1 Colliery is located in the Southern Coalfields of NSW, 10 kilometres north of Wollongong and 16 kilometres from Port Kembla Coal Terminal.
The operation has JORC Reserves of 92 million tonnes and Resources of 314 million tonnes targeting the Wongawilli Coal Seam. Gujarat is targeting a 3 million tonne per annum production by 2015 and the mine has a potential mine life of 30 plus years.
(sourced from proactiveinvestors)
Gujarat NRE receives approval to upgrade its NRE No.1 coal mine in New South Wales
Gujarat NRE can now begin the AUD 122 million upgrade of its NRE No.1 mine at Russell Vale after receiving approval from the NSW Planning Assessment Commission.
Following the commission’s written approval, Gujarat can continue the extraction of up to 1 million tonnes of coking coal per annum from the Bulli and Wongawilli seams for the next three years, continue transporting coal by truck to the Port Kembla Coal Terminal, and upgrade existing surface facilities and infrastructure.
The NSW Planning Assessment Commission made its determination after the Department of Planning and Infrastructure provided comprehensive and lengthy briefings covering issues such as subsidence, impacts on water resources, noise, air quality, traffic and incident reporting.
The NSW PAC also carefully considered the Department of Planning’s Assessment Report, including agency and public submissions.
Gujarat NRE plans to put on public exhibition further details of its $250 million expansion plans for the Russell Vale mine by the end of this year.
Gujarat’s NRE No.1 Colliery is located in the Southern Coalfields of NSW, 10 kilometres north of Wollongong and 16 kilometres from Port Kembla Coal Terminal.
The operation has JORC Reserves of 92 million tonnes and Resources of 314 million tonnes targeting the Wongawilli Coal Seam. Gujarat is targeting a 3 million tonne per annum production by 2015 and the mine has a potential mine life of 30 plus years.
(sourced from proactiveinvestors)
Monday, October 17, 2011
BHPB coking coal mine workers to go on strike
Monday, 17 Oct 2011
Workers at BHP Billiton Ltd.’s coking coal mines in Australia plan to hold 24 hour stoppages at seven mines in Queensland state on October 19, Mr Stephen Smyth, a district president at the Construction, Forestry, Mining and Energy Union, said in a statement on the group’s website.
Saturday, October 8, 2011
Xstrata gets in on BC coking coal action with C$40m acquisition
Sat,08 October,2011
By Matthew Hill
TORONTO – Diversified major Xstrata has further dug into Canada’s coking coal, with the C$40-million purchase of the Lossan metallurgical coal deposit in British Columbia from Cline Mining, the Switzerland-based company said on Friday.
The acquisition follows hot on the heels of Xstrata’s August acquisition of First Coal Corporation, which also owns coal licences in the Peace River region of the province.
The company isn’t the only mining giant that has been kicking up dust around Peace River, with rival Anglo American announcing earlier this week that it had lifted its ownership of Peace River Coal to 100%, and was doing a study to raise output there from one-million tons yearly of coking coal to 3.5-million tons by 2015.
The LSE- and JSE-listed miner paid $166-million to the minority owners of Peace River, Northern Energy & Mining Inc (NEMI) and Hillsborough Resources, to buy their respective around-12% stakes in the coal assets, as well as a royalty.
Anglo American made an about turn earlier this year, after having previously said it would lead the sale of Peace River Coal.
“We see significant resource upside and plan to invest in further exploration studies to ascertain its full long-term potential,” CEO of the firm’s metallurgical coal business, Seamus French, commented earlier this week.
Coking coal prices spiked to over $300/t earlier this year after flooding in Australian mines dented global production, though they have since subsided slightly.
Coking coal is used to make steel, and the proximity of north-eastern British Columbia’s coalfields to rail and port facilities that link them to China, which supplies around half of the world’s steel, makes them attractive.
Xstrata said that Lossan had a 240-million ton resource, and covered an area of around 3 800 hectares, meaning that the company now held nearly 100 000 hectares in the area.
Local media reported that Xstrata, the biggest exporter of coal burned in power stations, offered $147 million to buy First Coal Corporation, a privately owned company.
The company operates mines in South Africa, Australia, and Colombia.
TSX-listed Tech Resources is Canada's biggest coal producer.
(sourced MiningWeekly)
By Matthew Hill
TORONTO – Diversified major Xstrata has further dug into Canada’s coking coal, with the C$40-million purchase of the Lossan metallurgical coal deposit in British Columbia from Cline Mining, the Switzerland-based company said on Friday.
The acquisition follows hot on the heels of Xstrata’s August acquisition of First Coal Corporation, which also owns coal licences in the Peace River region of the province.
The company isn’t the only mining giant that has been kicking up dust around Peace River, with rival Anglo American announcing earlier this week that it had lifted its ownership of Peace River Coal to 100%, and was doing a study to raise output there from one-million tons yearly of coking coal to 3.5-million tons by 2015.
The LSE- and JSE-listed miner paid $166-million to the minority owners of Peace River, Northern Energy & Mining Inc (NEMI) and Hillsborough Resources, to buy their respective around-12% stakes in the coal assets, as well as a royalty.
Anglo American made an about turn earlier this year, after having previously said it would lead the sale of Peace River Coal.
“We see significant resource upside and plan to invest in further exploration studies to ascertain its full long-term potential,” CEO of the firm’s metallurgical coal business, Seamus French, commented earlier this week.
Coking coal prices spiked to over $300/t earlier this year after flooding in Australian mines dented global production, though they have since subsided slightly.
Coking coal is used to make steel, and the proximity of north-eastern British Columbia’s coalfields to rail and port facilities that link them to China, which supplies around half of the world’s steel, makes them attractive.
Xstrata said that Lossan had a 240-million ton resource, and covered an area of around 3 800 hectares, meaning that the company now held nearly 100 000 hectares in the area.
Local media reported that Xstrata, the biggest exporter of coal burned in power stations, offered $147 million to buy First Coal Corporation, a privately owned company.
The company operates mines in South Africa, Australia, and Colombia.
TSX-listed Tech Resources is Canada's biggest coal producer.
(sourced MiningWeekly)
Tuesday, October 4, 2011
Universal Coal increases coking coal resource for Berenice/Cygnus
Tuesday, 04 October 2011
South African-based coal producer Universal Coal has reported a 56 percent increase in the indicated and measured coal resource for its Berenice/Cygnus coking coal project in South Africa.
At the Berenice/Cygnus coking coal project, the JORC Resource has now increased to 1.3 billion mt, which was achieved after the company received analytical data from infill holes - which were completed during the first phase drilling program.
Universal Coal's chairman Tony Harwood commented on the positive news for the company, stating, "We are delighted with the increase in the resource base at Berenice/Cygnus and in particular the significant increase in the JORC indicated and now defined measured tonnages.
Universal Coal are now proceeding with a detailed interpretation of the data and with the results of the full coking coal and coke analysis, expected later this month. A feasibility study is forecast to commence in 2012.
Tags: iron ore , raw mat , S. Africa , Africa , production , mining , South Africa
(sourced steelorbis)
South African-based coal producer Universal Coal has reported a 56 percent increase in the indicated and measured coal resource for its Berenice/Cygnus coking coal project in South Africa.
At the Berenice/Cygnus coking coal project, the JORC Resource has now increased to 1.3 billion mt, which was achieved after the company received analytical data from infill holes - which were completed during the first phase drilling program.
Universal Coal's chairman Tony Harwood commented on the positive news for the company, stating, "We are delighted with the increase in the resource base at Berenice/Cygnus and in particular the significant increase in the JORC indicated and now defined measured tonnages.
Universal Coal are now proceeding with a detailed interpretation of the data and with the results of the full coking coal and coke analysis, expected later this month. A feasibility study is forecast to commence in 2012.
Tags: iron ore , raw mat , S. Africa , Africa , production , mining , South Africa
(sourced steelorbis)
Sunday, August 28, 2011
CIL BCCL mine closure notice stayed
Sunday, 28 Aug 2011
The Jharkhand High Court on Thursday stayed the closure notice issued by the Jharkhand pollution control board to 22 coal mines under Bharat Coking Coal Ltd.
According to company sources, the stay order was issued based on a petition filed by BCCL a wholly owned subsidiary of CIL challenging the state panel’s decision.
The mines including both opencast and underground produce nearly 15 million tonne coal, mostly coking coal, annually. The closure, if implemented, should impact the steel sector, particularly the Union government controlled Steel Authority of India Ltd.
In an order issued earlier this month the pollution control board accused BCCL for running the mines without proper forest and environment clearance.
CIL sources, however said that the mines were developed by private operators (before nationalization in mid 1970’s) without much regard to environment and forest regulations in today’s context.
To regularize the issue, the coal major, in consultation with the Union ministry of environment and forests had sought requisite environmental clearance for the entire cluster of 22 mines. An official told Business Line that “While the clearance is due, the state pollution control board had issued a closure order.”
(sourced from BL)
The Jharkhand High Court on Thursday stayed the closure notice issued by the Jharkhand pollution control board to 22 coal mines under Bharat Coking Coal Ltd.
According to company sources, the stay order was issued based on a petition filed by BCCL a wholly owned subsidiary of CIL challenging the state panel’s decision.
The mines including both opencast and underground produce nearly 15 million tonne coal, mostly coking coal, annually. The closure, if implemented, should impact the steel sector, particularly the Union government controlled Steel Authority of India Ltd.
In an order issued earlier this month the pollution control board accused BCCL for running the mines without proper forest and environment clearance.
CIL sources, however said that the mines were developed by private operators (before nationalization in mid 1970’s) without much regard to environment and forest regulations in today’s context.
To regularize the issue, the coal major, in consultation with the Union ministry of environment and forests had sought requisite environmental clearance for the entire cluster of 22 mines. An official told Business Line that “While the clearance is due, the state pollution control board had issued a closure order.”
(sourced from BL)
Friday, August 26, 2011
HC orders status quo on closure of BCCL mines
Fri,Aug 26, 2011
Manohar LalManohar Lal, TNN
RANCHI: Giving an immediate relief to the Bharat Coking Coal Limited (BCCL), the Jharkhand high court on Thursday ordered a status quo on the closure of as many as 14 operational mines as ordered by the state pollution control board till August 30.
BCCL had moved the high court challenging the order of state pollution control board issued last week. The coal mining giant has said in its petition that the order of the state pollution board was too harsh and it could affect the companies run on the coal mined from this area.
The hearing on the petition was taken up in the court of Justice Poonam Srivastava. The counsel for BCCL said though the mines are not closed as the copy of the order has not been received by the company, the order of pollution control board does not comply with the pollution law of the state.
Contesting the arguments, advocate-general Anil Kumar Sinha said the order was very much in accordance with the law and these mines were run without prior permission from the state government.
Sinha said the company despite several notices slapped by the state pollution control board was neither replying nor abiding by the norms laid by the pollution control board. After hearing the arguments, the court asked the state government to file a counter affidavit on the petition of BCCL.
The court also ordered maintaining a status quo on as many as 22 operational mines of the company and adjourned the hearing till Tuesday.
The state pollution control board has ordered closure of mines of the company for not following green norms last week.
The underground and open cast mines which were ordered for closure are Phularitarh, Muraidih, Shatabdi, Govindpur, Gajlitarh, Mudidih, Tetulmari, Senara, Bansjora, Gondudih Khas, Khushanda, Ena, Kujama, Ginagarha, Bahra South, Gopalichak, Murlidih, Dahibari and Bahra North.
BCCL, a Coal India Ltd subsidiary, has as many as 69 coal mines in the state and made major technological changes to enhance production, which according to the state pollution control board had violated green norms.
(sourced TOI)
Manohar LalManohar Lal, TNN
RANCHI: Giving an immediate relief to the Bharat Coking Coal Limited (BCCL), the Jharkhand high court on Thursday ordered a status quo on the closure of as many as 14 operational mines as ordered by the state pollution control board till August 30.
BCCL had moved the high court challenging the order of state pollution control board issued last week. The coal mining giant has said in its petition that the order of the state pollution board was too harsh and it could affect the companies run on the coal mined from this area.
The hearing on the petition was taken up in the court of Justice Poonam Srivastava. The counsel for BCCL said though the mines are not closed as the copy of the order has not been received by the company, the order of pollution control board does not comply with the pollution law of the state.
Contesting the arguments, advocate-general Anil Kumar Sinha said the order was very much in accordance with the law and these mines were run without prior permission from the state government.
Sinha said the company despite several notices slapped by the state pollution control board was neither replying nor abiding by the norms laid by the pollution control board. After hearing the arguments, the court asked the state government to file a counter affidavit on the petition of BCCL.
The court also ordered maintaining a status quo on as many as 22 operational mines of the company and adjourned the hearing till Tuesday.
The state pollution control board has ordered closure of mines of the company for not following green norms last week.
The underground and open cast mines which were ordered for closure are Phularitarh, Muraidih, Shatabdi, Govindpur, Gajlitarh, Mudidih, Tetulmari, Senara, Bansjora, Gondudih Khas, Khushanda, Ena, Kujama, Ginagarha, Bahra South, Gopalichak, Murlidih, Dahibari and Bahra North.
BCCL, a Coal India Ltd subsidiary, has as many as 69 coal mines in the state and made major technological changes to enhance production, which according to the state pollution control board had violated green norms.
(sourced TOI)
Friday, July 22, 2011
New World Resources coking coal price down 9 percent in Q3
Friday, 22 July 2011 |By Steelorbis
On July 22, Central Europe-based miner New World Resources Plc (NWR) announced that it has reached agreements with its customers for coking coal and coke sales for the third calendar quarter of 2011.
NWR set the average agreed price of coking coal for delivery in the third calendar quarter of this year at €192/mt, down 9 percent compared to the second quarter realized price. The decrease is in line with lower international prices both for hard and semi-soft coking coal. The average price agreed for coke sales during the third calendar quarter of 2011 is €378/mt, decreasing by 4 percent compared to the second quarter realized price.
NWR also announced the production and sales results. While it produced 3.25 million mt coking and thermal coal and 198,000 mt coke in the second quarter of 2011, sales volumes of coking coal and coke are reported to be 1.2 million mt and 1.6 million mt respectively.
On July 22, Central Europe-based miner New World Resources Plc (NWR) announced that it has reached agreements with its customers for coking coal and coke sales for the third calendar quarter of 2011.
NWR set the average agreed price of coking coal for delivery in the third calendar quarter of this year at €192/mt, down 9 percent compared to the second quarter realized price. The decrease is in line with lower international prices both for hard and semi-soft coking coal. The average price agreed for coke sales during the third calendar quarter of 2011 is €378/mt, decreasing by 4 percent compared to the second quarter realized price.
NWR also announced the production and sales results. While it produced 3.25 million mt coking and thermal coal and 198,000 mt coke in the second quarter of 2011, sales volumes of coking coal and coke are reported to be 1.2 million mt and 1.6 million mt respectively.
Sunday, January 30, 2011
Poland could float coal miner JSW as early as May
Sunday, 30 Jan. 2011By Geoffrey T. Smith and Marynia Kruk
DAVOS, Switzerland (Dow Jones)--Poland could float state-owned Jastrzebska Spolka Weglowa SA, the European Union's largest coking coal miner, as early as May this year, though the structure of the stake sale is still to be determined, the undersecretary of the treasury, said Friday.
"We're testing various scenarios aiming to float sometime around May or June," Krzysztof Walenczak told Dow Jones Newswires during an interview at the annual World Economic Forum. The initial public offering of JSW could be the largest on the Warsaw Stock Exchange in 2011, though analysts' valuations of the company vary widely, from six billion zlotys ($2.1 billion) to nearly PLN16 billion.
Coking coal has become a hot commodity lately, especially after floods in Australia's Queensland state hit output of the commodity which is mixed with iron ore in blast furnaces to produce steel. Australia provides about two-thirds of all seaborn coking coal.
Poland is in the midst of a privatization drive which is aiming to raise at least PLN15 billion from asset sales this year, after having raised PLN22 billion last year, according to the Treasury Ministry's website.
JSW's valuation could be buoyed by interest from a potential "natural" acquirer from across the border, Czech-based coking coal producer New World Resources (NWR.LN), Pawel Puchalski, an analyst at BZWBK in Warsaw, said Friday.
NWR, which already has two existing projects in Poland, launched a failed takeover bid for Lubelski Wegiel Bogdanka SA (LWB.WA), Poland's only listed coal miner, last year. The company has been able to seek acquisitions because of improved cash flow on soaring demand for coking coal by central European steel makers.
However, JSW's trade unions would likely oppose a bid by NWR. Analysts say JSW could cut about a third of its headcount if it upgraded the equipment it uses the way NWR has.
JSW's Chief Executive Jaroslaw Zagorowski was quoted as saying in state news agency PAP in early January that the listing could be worth between PLN3 billion and PLN5 billion, with the Treasury retaining a 51% stake and employees receiving shares.(sourced:Dow Jones Newswires)
Friday, January 21, 2011
Indonesia coking coal miner Borneo's 2010 net profit at $177 mln
Fri Jan 21, 2011 10:59am GMT
JAKARTA Jan 21 (Reuters) - PT Borneo Lumbung Energi and Metal , Indonesia's only listed coking coal miner, reported 2010 full year net profit at $177 million with coal sales volume of 1.65 million tonnes, said Geroad Jusuf, the firm's corporate secretary, on Friday.
This was a turnaround from a 99.8 billion rupiah ($11 million) loss in 2009.
(Reporting by Fathiya Dahrul; Editing by Neil Chatterjee, sourced Reuters)
JAKARTA Jan 21 (Reuters) - PT Borneo Lumbung Energi and Metal , Indonesia's only listed coking coal miner, reported 2010 full year net profit at $177 million with coal sales volume of 1.65 million tonnes, said Geroad Jusuf, the firm's corporate secretary, on Friday.
This was a turnaround from a 99.8 billion rupiah ($11 million) loss in 2009.
(Reporting by Fathiya Dahrul; Editing by Neil Chatterjee, sourced Reuters)
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