Macarthur Coal Raises Profit Forecast on Higher Sales
Jul/22/2010 | Under : Coal Mine - Companies - Energy - Trade & Market
Macarthur Coal Ltd., the world’s largest producer of pulverized coal used by steelmakers, raised its full-year profit forecast as sales increased, bolstering speculation the company may be a takeover target.
Profit, excluding accounting adjustments, may be between A$115 million ($96 million) and A$125 million for the 12 months ended June 30, compared with its earlier forecast of A$103 million to A$113 million, Macarthur said today in a statement.
The Brisbane-based company rose 5.2 percent yesterday after Thailand’s Banpu Pcl agreed to buy the rest of Centennial Coal Co. for A$2 billion. Shares of Riversdale Mining Ltd. and Whitehaven Coal Ltd. also gained after the bid. [Read More]
Centennial Coal accepts $2.4bn takeover offer from Thailand’s Banpu
Jul/22/2010 | Under : Coal Mine - Energy - Trade & Market
Centennial Coal has accepted a cash offer with a 40 per cent premium from Thailand’s Banpu, valuing the NSW coal miner at $2.4 billion.
As revealed by The Australian on its website earlier today, Centennial confirmed Banpu — Thailand’s biggest coal producer — has offered $6.20 a share for the 80 per cent of the Hunter Valley thermal coal producer it doesn’t already own.
Banpu said it would finance the deal through cash reserves and new and existing credit facilities. JPMorgan is advising Banpu, with UBS advising Centennial.
[Read More]
Mongolia Energy Plans Delivery First Coking Coal in August
Mar/14/2010 | Under : Coal Mine - Investment
Mongolia Energy Corp, a former technology company that remade itself into a natural resources developer in 2007, will deliver its first coking coal cargo this August and is also looking at projects beyond Mongolia, a senior executive said.
Mineral rich Mongolia is attracting more attention from global investors after a deal in October with Ivanhoe Mines and Rio Tinto to develop the $3 billion Oyu Tolgoi mine, one of the world’s biggest untapped copper and gold deposits.
[Read More]
China Steel Interest Investment In South African Mining Sector
Mar/14/2010 | Under : Coal Mine - Energy - Exploration - Steel Industry
Like India’s steel giants, China is also showing interest in investing in South Africa’s mining sector.
According to the minister of mines in South Africa, China had shown strong interest in investing in the African nation’s mining sector.
China, Africa’s biggest emerging market partner, has been investing in the continent’s mining and energy sectors.
China is interested in manganese, platinum and uranium. But S Africa is also cautious to see if their investment is going to benefit South Africa. It is critical for the country to ensure its own interest.
[Read More]
Essar Group Purchase Coal Mine of Trinity Coal Corp
Mar/08/2010 | Under : Business - Finance - Coal Mine - Companies - Stock - Trade & Market
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. [Read More]
Asian Stocks Decline on China Lending Concern
Mar/05/2010 | Under : Copper Mine - Gold Mine - Mineral Exploration - Stock
Asian stocks fell as China’s Industrial Bank Co. predicted slower growth in new lending, while the euro retreated on speculation the European Central Bank will delay withdrawing stimulus measures.
The MSCI Asia Pacific Index dropped 0.7 percent to 119.97 as of 5:10 p.m. in Tokyo, after a four-day, 3.3 percent climb. [Read More]
Vietnam National Coal-Mineral Indutries Submit Proposals Coal Price Rise
Jan/29/2010 | Under : Coal Mine - Exploration - Trade & Market
Vietnam National Coal-Mineral Industries Group (Vinacomin) submitted proposals to the government to raise the price of coal, because the production cost of coal used to produce an increase, especially fuel prices, labor costs and tax increment mining experience.
[Read More]