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Coal News

Menar progressing gold project in Kyrgyzstan  

By: Martin Creamer     17th March 2020 Private investment and management company Menar, which is planning to invest R7-billion in coal projects in South Africa, is also progressing a gold project in Kyrgyzstan. “We’re looking at a sizeable gold project,” said Menar MD Vuslat Bayoǧlu, who is hoping that the Kyrgyzstan project will... 

Sasol includes $2bn rights-issue option in plan to reset capital structure 

By: Terence Creamer     17th March 2020 Debt-laden chemicals and energy group Sasol announced on Tuesday that it could pursue a $2-billion rights issue as a “supplemental initiative” in the event that cash-conservation initiatives and asset disposals proved insufficient to reset its capital structure. The JSE-listed group had set a... 

Sasol includes $2bn rights-issue option in plan to reset capital structure

TerraCom's bid for Universal flunks expert scrutiny

By: Esmarie Iannucci     17th March 2020 Takeover target Universal Coal has urged shareholders to reject an unsolicited bid from ASX-listed TerraCom, after an independent expert determined that the offer was neither fair nor reasonable. TerraCom’s 33.5c a share offer for Universal consists of 10c in cash and 0.6026 new TerraCom shares... 

Every effort must be made to ensure economy ‘does not grind to a halt’ 

By: Terence Creamer     16th March 2020 Finance Minister Tito Mboweni stressed on Monday that, before contemplating any possible stimulus package to address the negative economic effects of the Covid-19 pandemic, all efforts should be geared towards ensuring that the already weak domestic economy “does not grind to a halt”. A failure... 

Every effort must be made to ensure economy ‘does not grind to a halt’
Photo by Creamer Media's Donna Slater
Finance Minister Tito Mboweni

Eskom graft probe widens into contracts with global partners

By: Bloomberg     16th March 2020 Eskom Holdings contracts with five international companies will be scrutinized by South African state investigators as part of a widening probe into graft at the debt-laden State-owned utility. The probe will review agreements with North American engineering services firms WSP Global and Black &... 

Billions wiped off South Africa market in minutes amid global bloodbath 

By: News24Wire      16th March 2020 The JSE’s all share index started the week with an instant loss of 6% in opening trading, as global panic selling intensified. Last week, the JSE lost 15% of its value – and suffered two of its biggest crashes in the past forty years. On Monday, the JSE’s all share index dropped by more than 6%,... 

 Billions wiped off South Africa market in minutes amid global bloodbath

No immediate power tariff impact, but first court ruling portends material future hikes 

By: Terence Creamer     13th March 2020 The Eskom tariff increase for 2020/21 tabled before lawmakers this week provides no scope for any further hikes this year beyond those already sanctioned for April 1 by the National Energy Regulator of South Africa (Nersa) in previous price determinations and regulatory clearing account (RCA)... 

No immediate power tariff impact, but first court ruling portends material future hikes

Foresight Energy is latest US coal miner in bankruptcy

By: Bloomberg     13th March 2020 Foresight Energy filed for bankruptcy with plans to hand ownership to its creditors, becoming the latest coal company to fail as power generators switch to cleaner and cheaper fuels. The filing in US Bankruptcy Court for the Eastern District of Missouri is another sign that efforts to stem... 

Foresight Energy is latest US coal miner in bankruptcy

MC Mining says optimisation initiatives bearing fruit  

By: Tasneem Bulbulia     13th March 2020 MC Mining implemented optimisation initiatives at the Uitkomst Colliery during the six months to December 31, which yielded very positive results, with run-of-mine (RoM) coal production increasing by 11% year-on-year, acting CEO Brenda Berlin said, releasing the company’s reviewed interim... 

Shares in South Africa's Sasol jump nearly 30% as oil price recovery sparks buying

By: Reuters     13th March 2020 Shares in South African petrochemicals group Sasol surged nearly 30% on Friday as a recovery in oil prices sparked buying of the stock, which was pummelled in the previous session. Brent crude prices rose over 3% on Friday after falling more than 7% the day before, a drop which helped send Sasol... 

Black-lung coal miners facing serious threat from virus spread

By: Bloomberg     13th March 2020 The biggest labor union for US coal miners is warning that members are at “significant risk” from the rapidly spreading coronavirus. Mines are enclosed spaces where the highly contagious virus can easily spread, according to Phil Smith, a spokesman for the United Mine Workers of America. The... 

Current prevention unable to mitigate explosions

By: Mc'Kyla Nortje     13th March 2020 Explosion, fire and dust suppression system original equipment manufacturer (OEM) Explospot Systems MD Arend Späth warns that current prevention used in underground coal mines is not enough to mitigate all methane and gas explosions or related fires during mining operations. He adds that methane... 

Current prevention unable to mitigate explosions
RANGE OF APPLICATION Explospot Automatic Fire and Explosion Suppression System have been used in different applications including, commercial and military vehicles, as well as gas pipeline protection

Teck to cut carbon intensity by one third in the next decade

By: Mariaan Webb     12th March 2020 Canadian diversified major Teck Resources on Thursday announced a carbon intensity target for 2030, as part of its new sustainability strategy and goals. The miner, which already committed to be carbon-neutral across its operations and activities by 2050, said it would reduce carbon intensity by... 

Teck to cut carbon intensity by one third in the next decade

Sasol confirms possible equity issue as it breaks silence amid massive sell-off

By: Terence Creamer     12th March 2020 Chemicals and energy group Sasol, which has seen its market capitalisation decimated in recent days as a result of a series of adverse developments, including a ratings downgrade, a big slump in the oil price and Covid-19-induced market volatility, broke its silence on Thursday afternoon when it... 

Sasol confirms possible equity issue as it breaks silence amid massive sell-off

Coal miner Exxaro driving rigorous renewable energy strategy  

By: Martin Creamer     12th March 2020 South Africa’s electricity generation crisis has created major opportunities for companies, businesses and individuals to start generating their own power, Exxaro CEO Mxolisi Mgojo said on Thursday when the JSE-listed black-empowered company declared generous dividends following a resilient 2019... 

Coal miner Exxaro driving rigorous renewable energy strategy
Exxaro CEO Mxolisi Mgojo talks self-generation to Mining Weekly’s Martin Creamer. Video editing: Nicholas Boyd. Photographs: Donna Slater. Video: Kutlwano Matlala.

Johannesburg stocks plunge most since 1997 in ‘panic’ sell-off

By: Bloomberg     12th March 2020 South Africa’s benchmark stock index plunged the most since the market crash of October 1997 as reaction to US measures aimed at curbing the spread of the coronavirus accelerated the sell-off sweeping through global equities. The FTSE/JSE Africa All Share Index sank as much as 9.3% as of 3:34... 

ASIC lifts stop order on TerraCom/Universal bid

By: Esmarie Iannucci     12th March 2020 The Australian Securities and Investment Commission (ASIC) has revoked an interim stop order in relation to ASX-listed TerraCom’s bid for South Africa-focused coal miner Universal Coal. The Australian watchdog at the end of February imposed the stop order, impeding TerraCom’s ability to... 

Exxaro lifts dividend, creates jobs, supports enterprises 

By: Martin Creamer     12th March 2020 Black-controlled diversified resources group Exxaro, which created 746 jobs and supported 30 small, medium-sized and microenterprises in the twelve months to December 31, reported a R235-million top-line 2019 increase, raised its dividend payout and lifted headline earnings a share. Core earnings... 

Exxaro lifts dividend, creates jobs, supports enterprises
Photo by Creamer Media's Donna Slater
Exxaro CEO Mxolisi Mgojo.

Menar doing due diligence on thermal coal assets being offloaded  

By: Martin Creamer     10th March 2020 Private investment and management company Menar is doing due diligence on thermal coal assets that have been placed on the market by companies wishing to offload them out of their portfolios. “If we get a good deal, we’ll look at making acquisitions,” Menar MD Vuslat Bayoǧlu told Mining Weekly on... 

Menar doing due diligence on thermal coal assets being offloaded
Menar MD Vuslat Bayoǧlu talks thermal coal to Mining Weekly’s Martin Creamer. Video Editing: Nicholas Boyd. Photographs: Donna Slater. Video: Kutlwano Matlala.

South African court sides with Eskom in 2018/19 tariff dispute 

By: Reuters     10th March 2020 A South African court on Tuesday sided with State power utility Eskom in a dispute with energy regulator Nersa over electricity tariffs in the 2018/19 financial year. The court "set aside" Nersa's tariff decision and granted Eskom leave to apply to Nersa for additional expenses it incurred in... 

Legal threats set to stymie South African unions’ Eskom plan

By: Bloomberg     10th March 2020 A plan proposed by South Africa’s biggest labor group to get pension funds and state lenders to refinance part of the state power utility’s gargantuan debt faces hurdles that may be impossible to overcome. Under the Congress of South African Trade Unions’ so-called social compact, Eskom Holdings... 

Ncondezi nears tariff offer submission stage, to commission off-grid project soon

By: Marleny Arnoldi     10th March 2020 Aim-listed Ncondezi Energy is at an advanced stage with the project financing model for its 300 MW coal-to-power project, in Mozambique, and expects sign off from its partners before the end of the month. Once the financial model is signed off, the company can start with a formal tariff offer... 

Commodity refocus: BC exploration investment shifts to copper

By: Mariaan Webb     9th March 2020 Investment in gold and coal exploration in Canada’s British Columbia continued to decrease in 2019, as investors are shifting their focus to base metals, particularly copper. However, with C$127-million put towards gold exploration, the yellow precious metal continues to attract the largest... 

Commodity refocus: BC exploration investment shifts to copper
Photo by Galore Creek
The Galore Creek project, a venture between Teck Resources and Newmont Mining, is a large copper/gold deposit in British Columbia.

Coronavirus likely to cause drastic price falls – Menar  

By: Martin Creamer     9th March 2020 The reduction in the consumption of mined products that the coronavirus was causing would likely result in a drastic fall in prices, Menar MD Vuslat Bayoğlu said on Monday. Metals and minerals like manganese, chrome, iron-ore and metallurgical coal were not being consumed at the rate they were... 

Coronavirus likely to cause drastic price falls – Menar
Menar MD Vuslat Bayoğlu interviewed by Mining Weekly’s Martin Creamer. Video Editing: Nicholas Boyd. Photographs: Donna Slater. Video: Kutlwano Matlala.

Death of coal financing is exaggerated as China steps up

By: Bloomberg     9th March 2020 Moves by some of the world’s biggest banks to end coal financing for the sake of the planet was supposed to create major headaches for companies like Whitehaven Coal. Yet there was the Australian miner on a conference call last month announcing the refinancing and extension of a A$1-billion... 

Death of coal financing is exaggerated as China steps up

Colombia coal miner Cerrejon, union fail to reach contract agreement

By: Reuters     9th March 2020 Cerrejon, one of Colombia's biggest coal producers, and its largest workers union on Friday concluded contract negotiations without reaching an agreement, the parties said. Union members will now vote on whether to strike or to go to arbitration with the company. "There was no agreement. We... 

Exxaro appoints first-ever female mining manager

By: Simone Liedtke     6th March 2020 Diversified miner Exxaro Resources has appointed Tamara Qwatekana as the company’s first ever female mining manager. She will be based at Exxaro’s digital connected mine in Belfast, Mpumalanga. 

Exxaro appoints first-ever female mining manager
Tamara Qwatekana

US coal use is plunging at fastest rate since Eisenhower era

By: Bloomberg     6th March 2020 US coal use plunged more than 13% in 2019, the most in 65 years, as power plants shut down across the country. That’s poised to happen again this year. Total consumption slumped to 596-million tons in 2019 from 688-million tons in the prior year, according to the US Energy Information... 

US coal use is plunging at fastest rate since Eisenhower era

Vale’s Mozambique operation takes impairment hit

By: Rebecca Campbell     6th March 2020 In its recently released report, Vale’s Performance in 2019, Brazilian mining major Vale stated that it had to take an impairment charge of $1.691-billion last year on its Moatize coal operation in Mozambique. Moatize, majority-owned by Vale, and located in the western province of Tete, is the... 

Standard Bank releases policy on lending to thermal coal mining projects 

By: Simone Liedtke     5th March 2020 Financial services provider Standard Bank has released its Thermal Coal Mining Policy, making it the first South African bank to publicly release a policy on lending to coal mining projects. This follows a landmark shareholder vote in favour of a climate risk-related shareholder resolution which... 

Standard Bank releases policy on lending to thermal coal mining projects

Exxaro to report higher attributable, headline earnings

By: Marleny Arnoldi     5th March 2020 Diversified miner Exxaro Resources expects to report a 5% to 19% increase in headline earnings per share (HEPS) to between R28.05 and R31.80 for the year ended December 31. Attributable earnings per share (AEPS) are also expected to be between 32% and 46% higher year-on-year at between R36.97... 

Nersa aiming to grant concurrence on Ministerial determinations within three months 

By: Terence Creamer     5th March 2020 The National Energy Regulator of South Africa will release a consultation paper, possibly next week, which will formally initiate the public-participation process required to secure the regulator’s concurrence on two Section 34 Ministerial determinations that have been drafted by Mineral... 

Nersa aiming to grant concurrence on Ministerial determinations within three months

Europe embarks on economic revolution with landmark climate law

By: Bloomberg     5th March 2020 Europe wants to make it illegal by 2050 to emit more greenhouse gases than can be removed from the atmosphere. European Commission President Ursula von der Leyen unveiled a draft law on Wednesday that would commit the region to become the first climate-neutral continent by the middle of the... 

Edenville restarts operations at Rukwa wash plant

By: Simone Liedtke     4th March 2020 The wash plant at Aim-listed Edenville Energy’s flagship Rukwa coal project, in south-west Tanzania, restarted continuous operations on Tuesday. The thermal coal project developer announced last month that a stockpile of about 6 000 t of unwashed run-of-mine coal, mined from the southern pit at... 

BP, Santos carbon capture pact may rekindle dormant Australia plans

By: Reuters     4th March 2020 Australia's dormant carbon capture and storage projects may gain some momentum after BP and Santos said they would join up on a pending site as world's largest coal and liquefied natural gas (LNG) exporting country steps up its climate change fight. Australia's conservative government is... 

Universal and TerraCom hold off on shareholder meeting

By: Esmarie Iannucci     4th March 2020 Takeover target Universal Coal and suitor TerraCom have agreed to adjourn a general meeting of Univesal’s shareholders while the two companies conduct a legal battle. TerraCom has previously called for the general meeting in a bid to remove Mark Eames, Tony Weber and Henri Bonsma as directors of... 

Exxaro maintaining safety drive

By: Tasneem Bulbulia     3rd March 2020 Diversified  miner Exxaro Resources on Tuesday marked its yearly Sustainability Summit with a three-year fatality-free milestone. This achievement was highlighted as particularly notable, considering the number of expansion projects completed by the company in the past year, and the considerable... 

Exxaro maintaining safety drive
Khetha Ukuphepha Zero Harm (Safety) Pledge
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