China has more than 1 billion t/y of new coal mines in pipeline
China accounts for more than half of the world’s pipeline of new coal mines, risking a significant increase in methane emissions, a new study published on Tuesday showed.
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Coal India to spend $8 billion on coal-fired plants near mines
Coal India Ltd. is planning to invest about 670 billion rupees ($8 billion) to build coal-fired power plants close to its mines, signaling the fast-growing economy will remain reliant on the fossil fuel for decades to come.
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Westgold and Yancoal to join ASX 200 index
Westgold Resources and Yancoal are set to be included in the S&P/ASX 200 index, taking effect prior to the open of trading on September 23.
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Poland seeks to rethink, not quash coal spin-offs, minister says
Poland is seeking to amend plans for utilities to spin off their coal assets, according to the minister in charge of managing state assets.
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Whitehaven Coal to sell 30% Blackwater mine stake to Nippon Steel
Whitehaven Coal has struck separate deals with Japan’s Nippon Steel and JFE Steel to sell stakes of 20% and 10%, respectively, in its Blackwater coking coal mine for a total of $1.08 billion, the Australian miner said on Thursday.
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Arch merges with Consol Energy to create US coal export powerhouse
US coal producer Arch Resources Inc. agreed to merge with rival Consol Energy Inc. in a $2.3 billion deal aimed at creating a North American mining heavyweight to deliver the fuel around the world.
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China’s coal output rises as share of electricity slips
China’s production of coal is rising while its share of electricity generation is declining, a seeming contradiction that will likely result in lower imports volumes and cheaper prices.
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Coal-rich Indian state to pass mining tax after court ruling
The Indian state of Jharkhand has passed a bill imposing mining taxes, according to people familiar with the matter, a move that’s set to inflate the prices of minerals from coal to bauxite.
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Thungela may consider steelmaking coal in hunt for new assets
South Africa’s Thungela Resources is still searching for new mines to buy and may consider acquiring coking coal assets if it finds a good fit, CEO July Ndlovu said on Monday.
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Whitehaven Coal to cut 192 jobs at mines purchased from BHP
Australia’s Whitehaven will cut 192 jobs at the Daunia and Blackwater coking coal mines it took over from global miner BHP Group, its spokesperson told Reuters on Friday, adding to a slew of roles lost in the resources sector this year.
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Whitehaven Coal to cut 192 jobs at mines purchased from BHP
Australia’s Whitehaven will cut 192 jobs at the Daunia and Blackwater coking coal mines it took over from global miner BHP Group, its spokesperson told Reuters on Friday, adding to a slew of roles lost in the resources sector this year.
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Glencore scraps plans to ditch coal on investor pressure
Glencore scrapped on Wednesday plans to separate its coal division, which it had announced following its acquisition of assets from Teck Resources last year, as shareholders opposed the move.
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Deutsche Bank sells down coal mine loan to private credit funds
Deutsche Bank AG has sold a portion of a $600 million loan being used to finance an Australian coal mine’s acquisition to some private credit funds, according to people familiar with the matter.
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Analysts expect Glencore to keep coal assets after Teck purchase
Analysts expect Glencore to keep its coal business as a strong contributor to revenue, following its acquisition of assets from Teck Resources.
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Visit: 46
Whitehaven Coal sees higher prices on disruptions
Australia’s Whitehaven Coal said it expected higher prices for steelmaking coal in the near and medium term due to supply constraints and strong demand from India, as it reported quarterly production on Friday.
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UK’s first coal mine in 30 years faces climate court test
Climate groups called a decision to open the UK’s first deep coal mine in more than three decades unlawful, claiming that approval was granted without taking into account all the harmful emissions that it would produce.
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Botswana eyes new export route to exploit huge coal resource
Three southern African nations signed a deal to proceed with a rail and port project to help land-locked Botswana export its massive coal reserves through Mozambique, although they still need to find the money to make it happen.
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China pauses new coal-based steelmaking for first time in years
China didn’t permit any coal-based steelmaking projects in the first half of the year for the first time since announcing its major climate neutrality goals in 2020, according to a report released Thursday.
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Teck jumps on buyback, debt plan after coal sale to Glencore
Shares of Teck Resources Ltd. jumped the most since April on the company’s plans to cut debt and return cash to shareholders thanks to proceeds from the sale of its steelmaking coal business to Glencore Plc.
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Australian coal stocks rally on Anglo American mine explosion
Australian coal stocks are headed for their best week in years after a fire shut down one of country’s major mines, with Morgan Stanley seeing further upside for the commodity.
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Canada approves Glencore takeover of Teck coal unit, with conditions
To secure the approval, Glencore has agreed to maintain Canadian headquarters for Elk Valley Resources (EVR) for at least 10 years, ensure a majority of the directors of EVR are Canadians, and maintain significant employment levels at EVR for no less than five years, the ministry said.
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In a separate statement, Teck said it would use the deal proceeds to buy back up to C$2.75 billion ($2 billion) of its Class B subordinate voting shares, reduce its debt by up to $2 billion and fund near-term copper growth.
The miner said it expects the deal to close by July 11.
“Today I approved under strict conditions a much narrower transaction whereby Glencore will acquire Teck Resources metallurgical coal business,” Industry Minister Francois-Philippe Champagne said in a statement.
He flagged that going forward Canada will set a high bar on net-benefit reviews when assessing mergers and acquisitions of important Canadian companies in the critical minerals space.
“Henceforth, such transactions will only be found of net benefit in the most exceptional of circumstances,” Champagne said.
Glencore CEO Gary Nagle said in a statement the company has made significant commitments to the Canadian government to ensure the transaction benefits Canada and British Columbia in the long term.
In November, a Glencore-led consortium sealed one of the mining sector’s biggest deals, agreeing to acquire Teck Resources steelmaking coal unit for $9 billion.
Swiss miner Glencore will get 77% of the business in a $6.9 billion cash deal, while 20% will go to Japan’s Nippon Steel, which already holds a 2.5% stake.
South Korea’s POSCO will swap a stake in two of Teck’s coal operations for 3% in the steelmaking coal business Elk Valley Resources.
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Visit: 97
Anglo considers options to sell coal assets after fire
Anglo American Plc is considering options to push ahead with a sale of its coal business after an explosion at its flagship Australian mine, including the possibility of selling individual assets or excluding the damaged operation from a potential deal.
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Anglo coking-coal mine blaze to have months-long impact
A fire at Anglo American Plc’s biggest metallurgical coal project in Australia halted production, with the miner saying it may take months for it to be extinguished. Anglo, which is seeking to sell the mine as part of a turnaround plan, fell as much as 4%.
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Mining M&A stokes coal race against cleaner power
Coal is doomed, or so the energy thesis goes. Many banks, insurers and investors have backpedalled from or abandoned the carbon-belching fossil fuel, prompting companies that excavate it to complain they cannot get mainstream or affordable financing. One corner of the industry, however, is burning strongly: the coking, or metallurgical, variety used to make steel. For sellers, it’s a diamond underneath the growing pile of mining M&A. Buyers, however, are in a race against low-emissions alternatives to justify their strategies.
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Visit: 97
Coal India exploring lithium assets in Argentina with US company
State-run Coal India Ltd is exploring lithium blocks in Argentina along with a US company to secure supplies of the battery material, an Indian source with direct knowledge said on Tuesday.
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