Mining Companies Exploration and Investment News

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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UK Coal, the largest coal mining company owned by British state. UK Coal is a mining company develops coal mining exploration projects and development of mining properties. The last few years the UK coal mining companies faced technical problems and development of coal production at several mining sites.
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China’s strong demand of coal has pushed up prices offered by South African suppliers.

As the biggest consumer of coal, China had imported 13mln tons of coal in November 2009, 2.2mln tons more than the same period previous year.
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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.
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State-owned Vietnam National Coal-Mineral Industries Group has sent a letter to the government reaffirming its proposal to raise coal prices after facing criticism from experts.

According to the coal monopoly, also known as Vinacomin, a price hike is necessary as production costs would surge this year due to deeper mining. Salaries and environment taxes would also increase, it said.
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Coking coal supplier’s annual talks with steelmakers to improve the benchmark contract price for 12 months from 1 April. Raw material suppliers of steel demand change coking coal pricing system. Coking coal suppliers want coking coal prices per quarter than the annual contract.
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Australia & New Zealand Banking Group estimates that the price of coal in 2010 will increase by 19 percent. Coal price rise caused increased demand for coal from China. Coal price increase is estimated at $ 95 a metric ton.
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U.S. Army Corps of Engineers to permit the largest U.S. coal producer, Patriot Coal Corp. 45 to develop a coal mine exploration in West Virginia. Coal mining exploration permits received support from the U.S. Environment Protection Agency. (continue reading…)