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A week in coal: 28 March – 1 April 2016

Published by
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

Read the article online at: https://www.worldcoal.com/coal/01042016/weekly-coal-news-highlights-28-march-1-april-2016-507/


 

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