A couple of Upper Hunter mine modifications have been approved by the Department of Planning. The first one, the Ashton mine is located near Singleton. The proposed layout of the mine has been changed to include diversions in two places that will stop mining under Bowman's Creek.
Coal mines and railroads in Queensland are continuing to shut down as the flood situation in the Australian state continues. The coal supply shortfall in the global market is currently picked up by US coal producers.
The freight rates for shipping lines are dropping despite record rise in commodity prices. Leasing costs for capesizes, 1000-foot-plus ships, which haul iron ore and coal may go down 34% to their lowest prices since 2002 in the present year as per a survey conducted by Bloomberg.
The floods in Queensland are affecting its mining sector adversely. Projects worth $2 billion are facing delays and additional costs as the floods cause work disruptions in many mines across the state. Many mines have had to cease production on a temporary basis or shut down completely due to the heavy rains.
Rio Tinto is submitting a bidder’s statement in relation to an Australian $16 a share off-market takeover bid for Riversdale Mining. On Monday Rio Tinto lodged the statement with the Australian Securities and Investments Commission. A copy was also sent to Riversdale Mining.
Xstrata owned Blakesfield mine in New South Wales shut down operations following a fire. There were 50 employees working in the mine when the fire erupted but they were all evacuated safely from the mine as per the spokesman for Xstrata, James Rickards.
A bid of $8 billion is expected from Xstrata for Drummond’s Colombian thermal coal arm. The Anglo Swiss mining giant is interested in the company which is the second largest coal mining company of Colombia. It is owned by a family business based in Alabama.
10 million tons of coal from Mozambique will be imported by Coal India over the next five years as per the director Narinder Khurana. Coal India is the world’s largest coal producer and it has began to explore for coal in the north western part of Mozambique in June.
Puda Coal, Inc. (NYSE Amex: PUDA), a supplier of high grade metallurgical coking coal used to produce coke for steel manufacturing in China and a consolidator of twelve coal mines in Shanxi Province, today announced that Shanxi Puda Coal Group Co. Ltd, a 90% subsidiary of Puda Coal, entered into coal mining rights and mining assets transfer agreements with three coal mines located in Pinglu County, Shanxi Province, on December 28, 2010, Pinglu County Anrui Coal Industry Co., Ltd., Pinglu County Chuntouao Coal Mine and Pinglu County Xiapingcun Coal Mine.
Rio Tinto has formalised a bid for Australia based Riversdale Mining at what is believed to be pitched around $16 a share.
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