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.
Royal Coal Corp. (TSX VENTURE:RDA) announced today the signing of a Letter of Intent to acquire a group of eight properties, one of which is already permitted, that management considers to have a significant high quality thermal coal deposit located in Eastern Kentucky.
According to the report, Queensland Premier Anna Bligh has taken the side of the mining industry in the debate with the federal government over royalties in the proposed mineral resource rent tax (MRRT.
Bathurst Resources Ltd (ASX:BTU) is developing a large open cut coal mine in the Buller region on New Zealand’s South Island. The company is focused on becoming a producer of high quality coking and thermal coal to niche export markets.
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