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A week in coal: 28 March – 1 April 2016

Published by , Editor
World Coal,

Coal project updates

  • Japanese trading house, Mitsui & Co., remains committed to its investment in Vale’s Mozambique coal and logistics projects.
  • Centaur Holdings Ltd is moving forward with expanding De Roodepoort in South Africa.
  • Kibo Mining has announced that the definitive power feasibility study (DPFS) work has been completed on schedule at the Mbeya coal to power project.
  • ASK-listed coal company, Cokal, has sold its PT Anugerah Alam Manuhing tenements in Indonesia.
  • A court in Warsaw has confirmed Prairie’s legal right to develop coal in the K-6-7 concession, part of its Lublin Coal Project.

Powering up (and down)

Sales and acquisitions

  • CONSOL Energy closes on the sale of the Buchanan mine and other metallurgical coal assets to Coronado for total consideration of US$420 million.
  • Walter Energy has completed the sale of its core assets to Warrior Met Coal – a company owned by its first lien creditors.

Layoffs at US mines

A bag of mixed results

  • Appalachian coal producer, Corsa Coal, has reported substantially increased earnings from its Northern Appalachian operations, but its Central Appalachian business struggles.
  • Rhino Resources lost US$34 million in 4Q15 on revenues of US$39.6 million.
  • Corsa Coal has seen “signs of improvement” in the metallurgical coal and steel markets.

Dry bulk transport

  • Dry bulk contracting comes to a halt but demolition is on the rise, according to a new report from BIMCO.
  • Canadian Pacific asks Northern Southern’s shareholders to vote on a resolution to force the US company’s board into merger discussions.
  • Eagle Bulk has agreed a new funding deal with its lenders and shareholders.

Not to be missed …

  • The West Virginia Coal Association has called on West Virginia Senator Joe Manchin to reject Marrick Garland’s nomination to the Supreme Court.
  • The decision to extend operations at Fiddler’s Ferry coal-fired power plant highlights the real concern about the UK’s security of electricity supply, according to Alan Richards, Head of Risk Management and Research at Utilyx.

Written by Harleigh Hobbs

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