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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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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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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Colombia halts coal exports to Israel over Gaza war
Colombia’s President Gustavo Petro on Saturday said the country, which is reported to be Israel’s biggest supplier of coal, will suspend exports of the fuel source to Israel over its assault on the Gaza Strip.
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German coal company to get about €1 billion for shutting mines
Germany’s second largest coal miner is likely to receive in the region of €1 billion ($1.1 billion) in compensation for the shutdown of its fossil operations, with the European Commission set to heavily cut down on agreed state aid, according to people familiar with the matter.
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Anglo starts formal divestment of coal, nickel after rebuffing BHP
Anglo American is starting a formal process to sell its coal assets and explore options for its nickel operations after fending off a takeover threat from bigger rival BHP Group, chief executive Duncan Wanblad said on Thursday.
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Glencore to consult investors on coal spinoff after Teck deal
Glencore Plc will start consulting with shareholders on the future of its coal business as soon as its deal to buy Teck Resources Ltd.’s mines closes later this year.
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Glencore to consult investors on coal spinoff after Teck deal
Glencore Plc will start consulting with shareholders on the future of its coal business as soon as its deal to buy Teck Resources Ltd.’s mines closes later this year.
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Glencore to consult investors on coal spinoff after Teck deal
Glencore Plc will start consulting with shareholders on the future of its coal business as soon as its deal to buy Teck Resources Ltd.’s mines closes later this year.
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Coal India reports 26% rise in profit as staff costs fall
Coal India Ltd., the world’s largest producer of the commodity, reported a 26% increase in fourth-quarter profit, driven by a drop in salary expenses and higher shipments to customers.
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China state planner finalizes rule to set up coal production reserve system
China’s state planner on Friday finalized a rule to set up a domestic coal production reserve system by 2027, aimed at stabilizing thermal coal prices and supplies to power plants.
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Global coal power grew 2% last year, the most since 2016, survey says
The world’s coal-fired power capacity grew 2% last year, its highest annual increase since 2016, driven by new builds in China and decommissioning delays elsewhere, according to research published on Thursday.
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Peabody falls as production issues, weather crimp coal sales
Peabody Energy Corp. shares sunk to the lowest in seven months after the biggest US coal miner warned that first-quarter sales will be lower than expected due to production issues at mines in Australia and weak demand in the US.
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Polish government drops coal merger idea
Polish government is abandoning plans to separate coal-fired power plants into a special company and is considering merging them with mines, said Industry Minister Marzena Czarnecka in a interview published on Wednesday in Rzeczpospolita daily.
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BMO drops anti-coal policy amid Wall Street rebuke of ESG
BMO Bank quietly dropped its policy restricting lending to the coal industry in late 2023, helping it avoid being labeled an energy “boycotter” in West Virginia.
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BMO drops anti-coal policy amid Wall Street rebuke of ESG
BMO Bank quietly dropped its policy restricting lending to the coal industry in late 2023, helping it avoid being labeled an energy “boycotter” in West Virginia.
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Visit: 121
China’s coal price slump likely to persist until start of summer
Chinese coal prices are likely to keep falling until the start of the peak summer season, suppressing imports of the fossil fuel and taking a toll on the country’s miners.
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Visit: 128