Mining Companies Exploration and Investment News

Patriot Coal Corporation today reported that it has temporarily suspended active mining operations at the Federal No. 2 mine near Fairview, West Virginia. Mining operations ceased after one measurement in an abandoned area of the mine was found to be out of compliance during routine testing in accordance with the mine’s ventilation plan. As a result, the Company is making further refinements to its ventilation plan to address these conditions. The Company intends to review these refinements with the U.S. Department of Labor, Mine Safety & Health Administration as soon as possible in order to resume production at the mine.

Glencore International AG, the world’s largest commodity trader, will buy back a Colombian coal unit from Xstrata Plc, setting the stage for an initial public offering that may value the trading company at $35 billion.
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Nippon Steel Corp., Japan’s largest steelmaker, will pursue investments in iron ore and coal mines, joining rivals in a bid to curb costs and secure supplies of the steelmaking ingredients.

The company wants to supply 50 percent of its raw material needs by buying stakes in mines or developing new ones “as early as we can,” Executive Vice President Shinichi Taniguchi said March 4 in an interview in Tokyo. (continue reading…)

Essar Group said its purchase of Trinity Coal Corp., the Indian company’s first overseas coal mine acquisition, will help lock in raw materials with coal and iron ore prices poised to rise as the global economy recovers.

The $600 million buyout of West Virginia-based Trinity raises Essar’s total U.S. investment to $4 billion, Chief Executive Officer Prashant Ruia said. (continue reading…)

Crude oil for April delivery was little changed at $79.57 a barrel as of 12:28 p.m. London time in electronic trading on the New York Mercantile Exchange as the dollar strengthened against the euro.

The dollar reversed earlier losses to strengthen to $1.3529 against the euro. A stronger dollar may reduce the appeal of commodities as a hedge against inflation.
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Tahmoor coal mines are coal mines located in New South Wales, Australia. These coal mines managed by miners and coking coal producer Xstrata Plc. Xstrata mining company temporarily forced to stop production activities Tahmoor coal mine because of the demands of the miners that the company raised the wages of miners.
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Montana state government rejected offers from mining companies for coal mining exploration in the area of Otter Creek Powder River County, because the bids submitted by companies under the standards set by Montana’s Land Board. Bidding requirements provided by the state is the minimum bid $ 143 million, or 25 cents per ton, 12.5% of royalties from coal mines prices ready to be sent.
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Nearly half of America’s energy supply comes from burning coal, and at least 5 percent of that coal comes from the incredibly toxic and destructive process of mountaintop removal mining.

Mountaintop mining literally explodes the top off a mountain to get to coal inside. Coal companies using this mining method have wiped out 1.2 million acres of Appalachian forests and habitat and buried more than 2,000 miles of rivers and streams in debris, according to the Rainforest Action Network (RAN).
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