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Optimum mine right suspended, penalties may force coal supply at R1/t

By: Martin Creamer     Updated 3 hours ago Financially stricken Optimum Coal has been hit by a double whammy – huge potential penalty claims from State electricity utility Eskom plus a suspension of its mining licence by the Department of Mineral Resources (DMR) for alleged inhumane retrenchment. In the face of these latest setbacks,... 

SouthGobi CFO resigns, successor to be announced

By: Sashnee Moodley     Updated 7 hours ago Mongolia-focused coal miner SouthGobi Resources CFO Bertrand Troiano has resigned following a two-year secondment from mining giant Rio Tinto, which ended on July  

Alpha Natural files for bankruptcy

By: Reuters Alpha Natural Resources Inc, one of the largest US coal companies, became the latest in the hard-hit industry to seek bankruptcy on Monday. The move comes as President Barack Obama is expected to unveil tough new measures to cut greenhouse gas emissions from coal-fired power plants. 

Alpha Natural files for bankruptcy
Photo by Reuters
Us President Barack Obama

Optimum Coal heads for business rescue as Eskom plays hardball

By: Martin Creamer Business rescue proceedings are to begin at both Optimum Coal Holdings and Optimum Coal Mine after attempts to renegotiate a 22-year-old lossmaking supply agreement with Eskom ended in the State electricity utility asserting its rights to past and future penalty claims. The penalties sought... 

Optimum Coal heads for business rescue as Eskom plays hardball
Coal mine into business rescue

WCP partners review capex, secure water supply agreement

By: Megan van Wyngaardt JSE-listed Firestone Energy is conducting an optimisation study to review its joint venture Waterberg Coal Project’s (WCP’s) capital requirements, to enhance the viability of the four-million-ton-a-year thermal coal project. The WCP partners – Firestone and ASX-listed Waterberg Coal – were... 

Edenville raises £250 000 for Rukwa

By: Megan van Wyngaardt Aim-listed Edenville Energy placed 500-million new ordinary shares of 0.02p apiece to raise funds to complete the mining licence application process for its Rukwa coal project, in Tanzania, as well as moving discussions with interested partnership groups forward. The company also placed... 

Anglo American signs power option at Grosvenor

By: Esmarie Swanepoel ASX-listed Energy Development has inked an agreement with mining major Anglo American for the development of a waste coal mine gas power station at the Grosvenor metallurgical coal mine, in Queensland. Grosvenor is Anglo American’s $1.9-billion flagship underground longwall mine, which will... 

Expert highlights coal projects ‘likely to succeed’

By: Dylan Stewart The four new coal mines being developed by energy and chemical company Sasol are highly likely to succeed as a result of two fundamentals: reserves and market, says mining and project finance evaluator XMP Consulting chairperson Xavier Prevost. 

Expert highlights coal projects  ‘likely to succeed’
Photo by Duane Daws
XAVIER PREVOST Sasol's Secunda mines are the largest coal producer in the country

First production at Brakfontein colliery extension slated for September

By: Ilan Solomons Junior coal mining company Tegeta Resources and Exploration is on schedule to start operations at its Brakfontein colliery extension project in September and begin supplying coal to State-owned power utility Eskom from the new site by October 1 this year, Tegeta special adviser Jacques Roux tells... 

First production at Brakfontein colliery  extension slated for September
Photo by Duane Daws
NEW CRUSHING AND SCREENING PLANT Brakfontein colliery commissioned a new R10-million crushing and screening plant this month, which has the capacity to produce 500 t of material an hour

IPP prepares final coal tender bid

By: Dylan Stewart South African independent power producer (IPP) KiPower is preparing to submit a bid in response to a tender from the Department of Energy (DoE) under its Coal Baseload IPP Procurement Programme to supply coal-powered electricity to State-owned power producer Eskom, says KiPower chairperson Ayanda... 

IPP prepares final  coal tender bid
Photo by Duane Daws
COAL TO POWER The DoE’s request for proposals indicated the aim to procure 1 600 MW of independently produced coal powered capacity

Junior begins mining operations in Mpumalanga

Mining activities at junior coal miner and supplier Wescoal Mining’s Elandspruit mine, in Mpumalanga, have started, coal mining, distributing and processing company Wescoal Holdings acting CEO Waheed Sulaiman said this month. 

Mozambique project confirms sufficient funds to develop until Q1 2016

Following a detailed review of its budget and the implementation of cost-saving initiatives, Mozambique miner Ncondezi Coal Company’s management is confident that it has sufficient cash to support ongoing operations at the Ncondezi coal project in Tete, Mozambique, until the first quarter of next... 

Mozambique’s new coal export route will start operations soon

By: Keith Campbell The new coal export terminal at the port of Nacala-a-Velha in Mozambique’s Nampula province should load its first ship in August. That was reported last week by Corredor Logístico de Nacala (CLN – Nacala Logistics Corridor) director José Otoni. This represents a delay of eight months in... 

Pro services firm wins greenfield coal tender

In January this year multidisciplinary professional services firm Arup was appointed by coal company Exxaro Resources to complete the design, tender and construction monitoring of the infrastructure and site development of Exxaro’s Belfast coal project, in Mpumalanga. 

South African coal project continues financier search

In June Australian coal company Resource Generation (Resgen) announced that negotiations between itself and a group of potential financiers regarding project finance for development of its Boikarabelo coal project in Limpopo, are continuing. 

Tanzania coal-to-power project begins BFS

By: Dylan Stewart Multi-commodity exploration and mineral project development company Kibo Mining has started with the bankable feasibility study (BFS) for the development of its Mbeya coal-to-power project, in south-west Tanzania, Kibo CEO Louis Coetzee tells Mining Weekly. 

Arch Coal widens loss as tough coal market conditions persist

By: Henry Lazenby US coal producer Arch Coal has widened its second-quarter loss to $168-million, or $0.79 a diluted share, as it was grappling with one of the worst coal market downturns in history. For the quarter ending June 30, the company recorded a $19.1-million impairment charge and incurred $4-million in... 

Stanmore eyes 2016 production start for Isaac Plains mine

By: Esmarie Swanepoel ASX-listed Stanmore Coal has bought the Isaac Plains coal mine, in Queensland, from project owners Vale and Sumitomo Corporation for $1. Stanmore would assume all of the outstanding contracts, including transport infrastructure access arrangements and a $32-million rehabilitation obligation... 

Stanmore eyes 2016 production start for Isaac Plains mine

Kenya's senate passes mining law

By: Reuters Kenya's mining ministry on Wednesday said the country's senate had passed a mining bill which will give the government a 10% stake in new projects, taking it a step closer becoming law. The bill was approved by the national assembly last year and now needs to be signed by President Uhuru... 

Kenya's senate passes mining law

JSW sells off 26% of SACMH to black-owned company

By: Creamer Media Reporter Controlling shareholder JSW Energy Natural Resources South Africa has sold 26% of its holdings in South African Coal Mining Holding (SACMH) to black-owned and -controlled Comogen. JSW now had a direct beneficial interest in SACMH of 8.79% and an indirect beneficial interest of 67.25%. 

Thermal coal prices fall amid worries over Chinese demand

By: Reuters Physical coal prices in Australia and Europe continued to fall over the past week, pushed lower by concerns over demand in China after a massive rout in the country's stock market. Cargoes for delivery into Europe's main ports at Amsterdam, Rotterdam and Antwerp in August last closed at $57.40 a... 

Wescoal’s Elandspruit delivers first coal

By: Natalie Greve Coal producer Wescoal’s Elandspruit mine, in Mpumalanga, has delivered its first batch of coal to customers after it was processed at Wescoal’s nearby beneficiation plant. “The beneficiated product was in line with expectations and sales to customers in the domestic and export markets have... 

Peabody shares rally despite missing earnings forecast, suspending dividend

By: Henry Lazenby Extended low-cycle conditions prompted American coal producer Peabody Energy on Tuesday to suspend the quarterly dividend on its common stock, curtail metallurgical coal output and cut jobs as it turned to aggressive cost-cutting measures to survive market headwinds. Peabody was implementing a... 

Peabody shares rally despite missing earnings forecast, suspending dividend

Consol Energy halts steelmaking coal IPO as low coal, oil prices dent Q2 earnings

By: Henry Lazenby US oil, gas and coal producer Consol Energy has put the planned initial public offering (IPO) of its metallurgical coal business on hold, citing the continued degradation of metallurgical coal prices on Tuesday. The MetCo IPO of up to 20% of the subsidiary's equity was expected to occur early in... 

Mozambique coal: boom to bust to wait it out

By: Reuters Mozambique's coal rush is officially over and the government is now looking offshore to a gas bonanza, according to analysts at a coal conference this week in the capital Maputo. Just a few years ago, billions of dollars poured into Mozambique, one of the world's poorest nations, in a twin... 

Mozambique coal: boom to bust to wait it out

Eskom says open to coal imports for new power stations 

By: Reuters South African power utility Eskom is open to importing coal for plants it still plans to commission, a coal conference heard on Tuesday. Willem Theron, business development manager of Eskom's southern Africa transmission group, said the state-run utility planned to install an additional 6 250 MW... 

Eskom says open to coal imports for new power stations

AECI H1 earnings rise 45% on bulk property sale

By: Megan van Wyngaardt Explosives and specialty chemicals company AECI’s R400-million bulk property sale, in Somerset West, paired with a maintained market share, despite a difficult environment, pushed its headline earnings for the six months to June 30, up 45% to R632-million, compared with R436-million in the first... 

AECI H1 earnings rise 45% on bulk property sale
Photo by Duane Daws
AECI CEO Mark Dytor

CIL shifts overseas funding to domestic markets

By: Ajoy K Das Following its withdrawal from Mozambique, Coal India Limited (CIL), with a reduced appetite for overseas acquisitions, was planning to redeploy its funding towards domestic capacity. According to a senior CIL official, the experience in Mozambique had revealed the high risks involved in... 

Vale coal stacker collapses at Mozambique port – sources

By: Reuters A coal stacker has collapsed at the Mozambique port of Nacala, dealing a blow to Brazilian miner Vale, which is aiming to start coal shipments in the third quarter of this year, three sources told Reuters on Monday. The giant piece of machinery, which is used to handle coal and other bulk... 

Weak commodities to weigh on rand, current account and growth 

By: Terence Creamer The sharp decline in commodity prices is, on balance, negative for the outlook for the South African rand, new bank research shows, with lower oil prices being more than offset by lower mineral and metals prices. Standard Bank head of South African research Walter de Wet highlights that crude oil... 

Weak commodities to weigh on rand, current account and growth

Company that acquired Rio’s Mozambique coal assets eyes expansion

By: Reuters A year after Rio Tinto pulled the plug on its Mozambique coal venture, the Indian company that bought the assets is planning an ambitious expansion. The Benga mine acquired from Rio by International Coal Ventures Private Limited (ICVL) has a current production capacity of about 5.3-million tonnes... 

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