A round-up of news for the week 26 – 30 October 2015
Projects and developments
- Mississippi Power’s Kemper County energy facility is moving forward with its coal gasification project by successfully completing the first testing of one of its gasifiers.
- The first working group meeting in the environmental assessment process for Jameson Resources’ Crown Mountain coal project has taken place.
- Australian coal development company, Pacific American Coal, has completed the exploration programme at its Elko coal project in Canada.
- A switch to room-and-pillar mining in the prefeasibility study for Balamara Resources Mariola 1 project has unlocked significant further value.
- Underground coal gasification company, Leigh Creek Energy, has acquired historical drill data for its project site in South Australia.
- Norfolk Southern reports financial results for railway operations and coal revenues for 3Q15.
- Canadian rail operator, CN, has announced record third quarter results, despite a downturn in coal shipments.
- US coal company, Cloud Peak Energy, has announced a fall in earnings in 3Q15 to US$39 million as demand remains weak in domestic and international markets.
- The largest coal miner in the US, Peabody Energy, has announced a loss of US$304.7 million in 3Q15 as low gas prices continue to subdue demand for coal.
- CNX Coal Resources LP reports its financial and operating results for 3Q15.
- A drop in freight volumes in most industries – including an 18% fall in coal volumes – saw Union Pacific’s 3Q15 operating revenues down 10%.
- Consol Energy reports net income of US$119 million for 3Q15. Its coal division produced 7.3 million short t but average sale prices have seen declines compared to 3Q14.
- Westmoreland Coal reports a steady quarter for 3Q15 with revenues increasing primarily due to the WMLP and Buckingham acquisitions and adjusted EBITDA increasing due to the WMLP and Canadian acquisitions but this was limited by poor weather conditions.
- FirstEnergy sees increases in financial results for 3Q15 compared to the same quarter in 2014 and raises and narrows 2015 earnings guidance.
- Rhino Resource Partners third quarter loss has widened slightly on the previous year.
Sales, acquisitions and agreements
- Patriot Coal Corp. has successfully carried out the chapter 11 process and completed asset sales to Blackhawk Mining and VCLF.
- Talen Energy Corp. has announced that it reached an agreement to sell the 399 MW C.P. Crane coal-fired power plant in Baltimore.
- Cloud Peak and Westshore Terminals amend their throughput agreement as US coal exports are hit by oversupply and a strong US dollar.
Corporate affairs and restructuring
- Foresight Energy’s CFO Oscar Martinez resigns from the company as of 13 November. James Murphy has been appointed as Principal Financial Officer.
- Following Keith E. Alessi’s retirement announcement, Westmoreland Coal has appointed Kevin A. Paprzycki as the new CEO. The company has also made two further promotions within the executive team.
- Australian coal company, Centennial Coal, is to restructure its Myuna thermal coal mine with the loss of up to 30 jobs.
Not to be missed …
- A revamped Coaltrans World Coal Leaders Network came to Barcelona to ask what the next few years hold in store for the global coal industry.
- Paul Baruya’s latest report for the IEA Clean Coal Centre, Coal contracts and long-term supplies, examines long-term fuel supply contracts, where they are used and the features that make them attractive to many utilities.
Read the article online at: https://www.worldcoal.com/coal/30102015/weekly-coal-news-highlights-26-30-october-2015-3093/