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voda 27 januari 2020 20:08

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Former Blackjewel CEO Mr Hoops Denies Taking Millions

Blackjewel LLC former CEO Jeffrey Hoops Sr has denied he took millions of dollars from a bankrupt Wyoming coal producer and claimed that he went to extraordinary personal financial lengths in an attempt to save Blackjewel LLC. Mr Hoops filed a response saying he and Clearwater Investment Holdings loaned Blackjewel more than USD 41 million in the months leading up to its July 1 bankruptcy filing.

Lawyers for Blackjewel LLC filed a motion in US Bankruptcy Court January 9 asking for extensive investigation of Hoops, his family members and his companies.

Source : Kota TV

voda 27 januari 2020 20:08

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Chhattisgarh CM Demands INR 4000 Crores from Centre

Chhattisgarh Chief Minister Mr Bhupesh Baghel has written to Union Minister of Coal and Mines Mr Prahlad Joshi demanding that additional levy of INR 4140 by the Centre from coal mines here be given to the state government. Mr Baghel's letter contends that, as per Constitution, the Coal Mines (Special Provisions) Act and orders issued by Supreme Court, the state government is entitled to ownership of minerals in its territory, and to recover royalty, levy and other taxes

Eight companies, which have been allotted coal blocks in the state, have deposited additional levy to the tune of INR 4140 crore with the Union Coal ministry, at the rate of INR 295 per tonne. The additional levy includes INR 112 crore deposited by Jayaswal Neco Ltd, INR 1185 crore by Jindal Power Ltd, INR 2082 crore by Jindal Steel and Power Ltd, INR 238 crore by Monnet Steel Ltd, INR 234 crore by Prakash Industries Ltd, INR 143 crore by Sarda Energy Limited and INR 145 crores by Rajasthan State Electricity Production Corporation.

Source : Strategic Research Institute

voda 27 januari 2020 20:09

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Indian Coal Production to Improve in 2020 - WoodMac

Research firm Wood Mackenzie is of the view that Indian coal production will improve in 2020. WoodMac Principal Analyst Mr Pralabh Bhargava said “Higher rainfalls not only resulted in lower coal generation but also hindered domestic coal production, however, we expect domestic production to improve in 2020. In addition to a decline in coal-based power generation in H2 2019, cement and steel production were also down 1.8 per cent and 0.3 per cent, respectively. This resulted in a decline in coal demand. We expect coal consumption to grow only 0.5 per cent in 2019 as compared to 8.5 per cent in 2018 but expect consumption to improve in 2020 with a growth rate of 4.4 per cent. With power generation and cement and steel production slowing, stocks of domestic coals have started to increase in India.”

He said “If the economy doesn't pick up in early 2020, and power, cement and steel demand remain slow, we see a downside risk to our coal imports forecast. Currently, we are forecasting 181 million tonnes of thermal coal and 65 million tonnes of coking coal imports in 2020.”

Source : Strategic Research Institute

voda 29 januari 2020 19:35

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COAL2020 Conference in Wollongong Cancelled

The Illawarra Climate Justice Alliance announced that for the first time, the University of Wollongong has been forced to cancel a major conference of mining magnates and coal companies due to the threat of a blockade by activists. The Illawarra Climate Justice Alliance was promoting protests and pickets of the COAL2020 conference when the conference organisers announced the event would be indefinitely postponed. The University of Wollongong pulled the plug on the conference after extensive meetings with the local police force. Management asked the police if they thought the conference would be able to go ahead without disruption or arrest. The police answered in the negative. And so, the University of Wollongong announced that, “while this conference provides a valuable forum for sharing best practice and innovation in safety and environmental performance for the mining sector, the University has considered the immediate needs of its communities at this time and adjusted its priorities accordingly.”

The Coal Operators Conference was originally slated to run this year from 12-14 February under the name COAL2020. For 19 years, it has been organised annually by the University of Wollongong. It gathers together authorities on coal extraction and production from across Australia and around the world. Until now, these enemies of the planet had gathered without any disruption each year to peacefully discuss the best ways to find, dig, package, sell, ship, and burn coal for profit.

Wollongong is a coal town. Coal mining and the steel industry are long standing staples of the city’s economy, and are an important part of the way the city thinks of itself. From most vantage points you can see the steam of the steelworks, or the escarpment where the Dendrobium coal mine sits.

Source : Strategic Research Institute

voda 29 januari 2020 19:36

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NTEC Owes Taxes on Cloud Peak Legacy Coal Mines

The New owner of Spring Creek Mine owes USD 4.4 million in back taxes in Montana and USD 10 million in federal royalty payments for coal mined in Montana and Wyoming. Navajo Transitional Energy Company says it is negotiating payment plans for state and federal taxes on mines it purchased last fall in the bankruptcy sale of Cloud Peak Energy. The company objected to records-based reporting that indicated NTEC taxes are unpaid and past due. T said “NTEC has made all royalty and tax payments since acquiring the Montana and Wyoming mines on October 24, 2019. The assertion that NTEC is behind on payments if factually incorrect.”

NTEC went on to say that taxes owed to the federal government were accumulated under Cloud Peak and that the Department of the Interior is now doubling down on receipt of delinquent payments, which NTEC said it has agreed to pay in instalments.

Spring Creek is Montana’s largest coal mine. The mine, which employs 300 people, shut down briefly in October after NTEC, which is wholly owned by the Navajo Nation, declined to waive the sovereign immunity granted federally recognized American Indian tribes. Without the waiver, Montana’s Department of Environmental Quality was concerned it wouldn’t be able to enforce cleanup of the mine if NTEC failed to do so.

The mine reopened after DEQ agreed Spring Creek could continue to operate under the permitting and bonding of Cloud Peak. The matter still isn’t settled. Navajo Nation has decided not to lend its full faith and credit to secure bonding of the mines. NTEC has said it can bond the mines without the support of Navajo Nation and will address Montana’s sovereign immunity concerns. The state has given NTEC two grace periods to straighten out the bonding issue, the latest 65-day extension was granted Jan. 7, a day before the first extension expired. NTEC has until March.

Source : Strategic Research Institute

voda 29 januari 2020 19:44

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Indian Coal Production to Improve in 2020 - WoodMac

Research firm Wood Mackenzie is of the view that Indian coal production will improve in 2020. WoodMac Principal Analyst Mr Pralabh Bhargava said “Higher rainfalls not only resulted in lower coal generation but also hindered domestic coal production, however, we expect domestic production to improve in 2020. In addition to a decline in coal-based power generation in H2 2019, cement and steel production were also down 1.8 per cent and 0.3 per cent, respectively. This resulted in a decline in coal demand. We expect coal consumption to grow only 0.5 per cent in 2019 as compared to 8.5 per cent in 2018 but expect consumption to improve in 2020 with a growth rate of 4.4 per cent. With power generation and cement and steel production slowing, stocks of domestic coals have started to increase in India.”

He said “If the economy doesn't pick up in early 2020, and power, cement and steel demand remain slow, we see a downside risk to our coal imports forecast. Currently, we are forecasting 181 million tonnes of thermal coal and 65 million tonnes of coking coal imports in 2020.”

Source : Strategic Research Institute

voda 30 januari 2020 19:56

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Germany to Phase Out Coal Power by 2038

The German government has adopted a draft legislation that includes a detailed schedule for the phase-out of coal-fired power generation in Germany by 2038. According to the draft law, that still has to be approved by the parliament, the first lignite-fired power plant is scheduled to be taken off the grid by the end of this year. Seven other plants, all operated by German energy company RWE, are planned to be shut down by the end of 2022. The new law also specifies shut-down dates for the remaining coal plants by 2038. Meanwhile, four official reviews of the progress of the coal phase-out are planned, starting in 2022. Starting in 2026, the government would also examine whether the final 2038 deadline for the coal phase-out could be brought forward by three years to 2035.

Under the draft law, workers in the lignite or hard coal sector aged 58 and over who lose their job as a result of the coal phase-out could apply for an allowance until retirement and for a maximum duration of five years.

Germany is the first country to implement a mandatory phase-out of nuclear as well as coal energy.

The German government has already announced that operators would receive compensation for the early shutdown of their coal power plants. A total of 4.35 billion euros is to be set aside for compensation. To support the affected areas, the former coal mining regions are to receive a total of 40 billion euros to help them restructure their economies.

Source : Strategic Research Institute

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voda 30 januari 2020 20:00

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Cerrejon Starts Negotiations with Two Coal Unions in Colombia

One of Colombia's largest coal miners Cerrejon and its two unions have started negotiations ahead of the February expiration of their current contract. The negotiations with unions Sintracarbon and Sintracerrejon will take place over a 20-day period ending February 15, with the option to extend the process for a further 20 days. The company said in messages to Reuters "The environment around the thermal coal market remains challenging in demand and price. This means Cerrejon must be increasingly competitive to ensure its sustainability in the short and medium term. We hope to reach agreements that are aligned with the reality of the business."

Sintracarbon president Igor Diaz told Reuters the union, Cerrejon's largest, is demanding an increase in pay equivalent to inflation plus 4% to cover the two-year duration of the deal. Colombia's inflation in 2019 was 3.80%.

Cerrejon, which is equally owned by BHP Group, Anglo American, and Glencore, exported 26.3 million tonnes of coal in 2019 and has nearly 5,900 employees, of which 4,600 are union members.

Source : Strategic Research Institute

voda 30 januari 2020 20:00

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CIL gets Environmental Approval for 17 Coal Mining Projects

State-owned Coal India has received green clearances for 17 mining projects, a move to achieve one-billion-tonne production target. Indian Coal Minister Mr Pralhad Joshi tweeted “@CoalMinistry in co-ordination with @moefcc has got the environment clearances to 17 new and existing coal projects and 3 washeries of @CoalIndiaHQ. These clearances will add 150 million tonnes of coal in @CoalIndiaHQ kitty in next five years and increase its washing capacity by 25 MTPA enabling the company to achieve 1 billion tonnes of coal production by FY23-24.”

The state owned company will produce 750 million tonnes of coal in the next financial year. CIL will further produce one billion tonnes of coal by FY2024. CIL is currently given the target of producing 660 million tonnes of coal amounting to 82 per cent of the country's coal output.

Source : Strategic Research Institute

voda 30 januari 2020 20:01

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Decision on Mechel Elga Coking Coal Mine Likely in Q1

A decision on the future of the Elga coal project, one of the world's largest coking coal deposits, is likely in the first quarter of 2020. Russia's Yakutia region head Mr Aysen Nikolaev said in an interview " He has held regular meetings with both Zyuzin and Elga's prospective buyers to discuss the mine's future ownership as a ramp-up would require significant investment that Mechel's current financial position is unlikely to allow. I am optimistic that the issue of Mechel's debts to its creditors and the structure of this deal will be resolved in the first quarter of 2020.”

Expansion of the mine, first developed by Russian steel and coal producer Mechel, has stalled in recent years as the project in the remote Yakutia region of Russia's Far East demands significant investment to reach its annual operating capacity of 30-million tonnes. Mechel Elga with asset, for some time as it continues talks with creditors over restructuring USD 6-billion in loans. It sold a 49% stake in the mine in 2016 to one of its main creditors, Gazprombank, as part of a debt restructuring process.

Source : Strategic Research Institute

voda 30 januari 2020 20:02

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IGST on Ocean Freight on Coal Imports Ultra Vires - Gujarat High Court

The Hindu reported that the High Court of Gujarat has declared the imposition of integrated goods and services tax on ocean freight as ultra vires and held that such a levy is not permissible under the law. The landmark judgment has brought about major relief to the importing community as this tax was mired in controversies leading to its challenge before the high court. The court has junked two notifications levying the tax on the ground that they lacked legislative competence and held that no tax was leviable under the law. A bench headed by Justice JB Pardiwala ruled “We have reached the conclusion that no tax is leviable under the integrated goods and services tax Act 2017 on ocean freight for the services provided by a person located in a non-taxable territory by way of transportation of goods by a vessel from a place outside India up to customs station of clearance in India and the levy and collection of tax of such ocean freight under the impugned notification is not permissible in law.”

The petition, challenging the Centre’s notification, was moved by coal importers who submitted IGST can be levied either on the service provider or service recipient, not on the importers who pay customs duty. They also submitted that IGST on ocean freight amounted to double taxation and hence, unconstitutional.

Source : Strategic Research Institute

voda 31 januari 2020 13:45

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New York Fund Adds 27 Thermal Coal Mining Firms to Watch List

Albany based New York State Common Retirement Fund has told 27 companies they have been put on an environmental watch list regarding their efforts to move away from mining thermal coal based on investment standards developed by the pension fund. The pension fund identified the 27 companies because each derives 10% or more of revenue from thermal coal mining. Thermal coal is used by power plants to produce electricity either directly for industries or to supply power grids. Mr DiNapoli's office said "Investors who fail to face the risks and seize the opportunities presented by climate change put their portfolios in jeopardy. We are assessing minimum standards for transition readiness at coal mining companies first, because they face the greatest risk as the world turns to cleaner and renewable energies. If a particular company is not ready to move away from its reliance on thermal coal mining for profits, we may divest our holdings in that company."

New York State Common Retirement Fund Thermal Coal Watch List -10% Revenue Threshold
Anglo American pic
Arch Coal Inc
Banpu Public Company Limited
China Coal Energy Company
China Shenhua Energy Company Limited
CIMIC Group Limited
Coal India Ltd
ConsolEnergy Inc
ConturaEnergy Inc
DMCI Holdings Inc
Exxaro Resources Limited
Guanghui Energy Co Ltd
Hallador Energy Company
Huadian Power International Corp Ltd
Inner Mongolia YitaiCoal Co Ltd
Jastrzebska Spolka Weglowa SA
NACCO Industries Inc
Peabody Energy Corporation
PT Adaro Energy Tbk
PT Astra Intemaional Tbk
PT Bukit Asam Tbk
PT United Tractors Tbk
Shaanxi Coal Industry Co Ltd
Shanxi Lu'An Environmental Energy Development Co. Ltd
South32 Ltd
Washington H.Soul Pattinson and Company Limited
Yanzhou Coal Mining Company Limited

Fund's executive director for corporate governance Ms Liz Gordon wrote to companies in late December, asking for a response within 45 days, "A failure to respond or a response that is insufficient in demonstrating transition readiness may result in the fund restricting investments in these companies.”

The companies account for about USD 98 million in aggregate investments in the USD 215.4 billion pension fund.

Source : Strategic Research Institute

voda 31 januari 2020 13:45

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High Coal Demand Expected Through at Least 2024 – IEA

The International Energy Agency’s 2019 report on global coal usage says coal demand has risen since 2017 and is expected to remain stable or rise slightly for the next five years. Global demand for coal has risen since 2017 and is expected to remain stable or rise slightly for the next five years, supported by the resilient Chinese market which accounts for half of global consumption. The IEA found global coal demand increased 1.1 percent and coal production increased 3.3 percent in 2018, continuing rebounds that began in 2017 after three years of decline.

IEA said “Expectations of an imminent coal collapse have come and gone before. Global coal consumption declined from 1997 through 1999, followed by a 75 percent increase in global coal use from 2000 through 2013, a larger growth in use than had occurred over the entirety of the previous 90 years. A similar upsurge is not expected in today’s context, but neither is a sudden plunge.”

The IEA study found coal-generated electric power production rose by almost 2 percent in 2018, reaching an all-time high, led by growth in China, India, and other growing Asian markets.

IEA’s 2019 report predicts global coal demand will rise from 5,437 megatons of coal equivalent (Mtce) in 2019 to 5,645 Mtce by 2024, a higher rise in Mtce than IEA forecast in its 2018 report for the same time period.

This increase is expected to occur despite a steady decline in coal demand in the United States, driven largely by the shale gas boom, the report says. The report projects demand for coal will decline by approximately 4 percent per year in the United States through 2024. Coal use as a percentage of electrical generation reached an all-time high of 50 percent in the United States in 2007, only to decline to 28 percent by 2018. IEA forecasts U.S. electricity generation from coal will fall to 21 percent by 2024.

IEA predicts declining coal use in the United States and Europe will be more than offset by growing demand in China, India, and South Asian countries, led by Indonesia and Vietnam, where coal use is expected to surge 5 percent per year through 2024.

Source : Strategic Research Institute

voda 31 januari 2020 13:46

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Contango Holding Acquires 70% Stake in Lubu Coal Project in Zimbabwe

United Kingdom based Contango Holding Plc has conditionally acquired 70 percent of the Lubu Coal project located in Hwange district in Matabeleland North in Zimbabwe from Consolidated Growth Holdings Limited. The company has advanced a further USD 63,314 to CGH during December in order to continue the work programme at the Lubu Coalfield. Contango has now advanced a total of USD 356,314 to CGH since May 2019 to advance the Lubu asset. The funds have been principally deployed on drilling holes and their subsequent assay, to determine the coal product characteristics for the purposes of marketing the coals to potential buyers in anticipation of commencing mining and production from H2 2020.

The Company and CGH have mutually agreed an extension to the Share Purchase Agreement entered into with CGH, whereby in the event the transaction does not unconditionally complete by, at the latest, 24 December 2020, all funds advanced by Contango to CGH are to be returned.

However, the Company now expects to be in a position to close the re-listing process and complete the capital raise (as previously announced) in January 2020, following the festive period, subject to all resolutions being passed at a General Meeting to be convened.

Source : Strategic Research Institute

voda 31 januari 2020 13:47

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Navajo Transitional Energy Company on track to Pay Taxes

New owner of three Powder River Basin coal mines Navajo Nation-based Navajo Transitional Energy Company said that it has established an agreement with the US Interior Department to pay overdue mineral production taxes back to the federal government in instalments. NTEC said in a statement that it has a payment plan worked out with the federal government and was therefore not behind on payments and that the company reached an agreement with the Department of the Interior

Navajo Transitional Energy Company assumed ownership of the Antelope and Cordero Rojo mines in Wyoming and the Spring Creek mine in Montana from bankrupt coal firm Cloud Peak Energy last year. As part of the sale agreement, NTEC agreed to take responsibility for unpaid royalties accumulated through an instalment payment plan. NTEC therefore assumed approximately USD 94 million in pre and post-petition liabilities, along with all clean up obligations associated with the mines. But a January 16 administrative expense claim filed in court by the federal government stated the former owner of the mines owed USD 10 million in past-due royalties for coal mined at the facilities during September and October too.

Source : Strategic Research Institute

voda 31 januari 2020 13:47

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CIL Coal Production in 2019-20 to Fall Short of Target

Hit by disruptions due to a prolonged monsoon, mining major Coal India Ltd's production in the current fiscal will not exceed 640 million tonnes. Coal India Limited’s Chairman Mr AK Jha told PTI "We are trying our best to reach close to 660 million tonnes, but given the circumstances, we don't think we will able to cross 640 million tonnes. Production loss in five months during the monsoon was a major reason that dragged down the miner's production.”

He added Coal India has targeted February and March to achieve the highest production and strategy for it is already in place

CIL has a target to produce 660 million tonnes of coal in 2019-20 as against 607 million tonnes produced in the last fiscal.

Source : Strategic Research Institute

voda 5 februari 2020 16:49

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Feb5 Indonesia Increases Benchmark Coal Reference Price for February

Indonesia has slightly increased its coal reference price known as coal benchmark reference price for February amid the lower supplies and rising demands. The Indonesian Energy and Mineral Resources Ministry set the coal reference price for the month at USD 66.89 per tonne, up 1.45 percent from the price for January. Ministry spokesman Mr Agung Pribadi said “The lower supply of coal in China after the country celebrated the Spring Festival and bushfires in Australia dragged outputs of the commodity. However, demands for coal increase during winter in China, Japan and South Korea.”

The coal price has weakened since September 2018 and for 2019, the Indonesia's coal reference price only averaged at USD 77.89 per tonne. The Indonesian reference price for thermal coal is the basis for setting up the prices of the country's 77 coal products and measuring the royalty producers have to pay for each tonne of coal sold.

Source : Strategic Research Institute

voda 5 februari 2020 16:51

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NSW Greens Climate Protection Bill to Quit Coal

Greens Member for Newtown Jenny Leong MP gave notice of a Private Member’s Bill in the NSW Legislative Assembly to take the action needed to protect our climate and put our communities’ needs first. The Bill will immediately prohibit the approval or expansion of new thermal coal mines in NSW and prohibit thermal coal mining in NSW by 2030, making it an offence under the Mining Act after this date. The Bill also provides just transition provisions to protect workers employed in thermal coal-related industries.

Mr Leong MP said “We have known for decades that burning coal is the single biggest contributor to climate change. We must and we will phase out coal mining. The scientific community knows it, the emergency responders know it, the Greens know it and our community – from student strikers to regional Mayors are calling for political leadership to make it happen. We abhor the NSW government’s coal addiction – there are currently 14 new and expanding coal mine projects which if approved, could produce more coal and greenhouse pollution than Adani’s controversial Carmichael coal mine in Central Queensland. This Bill provides a pathway for the exit from coal to happen, while providing a just transition for the workers currently employed in those mines, so that no one is left without a livelihood. We have no doubt that NSW has to quit its addiction to coal, that the old parties need to break their toxic relationships with the big polluters and that coal mining will one day be prohibited in our state.”

The NSW Greens Mining Amendment (Climate Protection-Prohibition of Thermal Coal Mining) Bill 2020 will amend the Mining Act 1992 to:
prohibit the granting of new thermal coal mining leases
prohibit the variation of existing thermal coal mining leases to increase mining area size
prohibit thermal coal mining by 2030
protect the interests of employees affected by the prohibition of thermal coal mining.

Source : Strategic Research Institute

voda 5 februari 2020 16:52

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SCCL to Start Coal Mining at Naini Block in Marc 2021

The Singareni Collieries Company Ltd will start with 5 lakh tonnes of coal production from its Naini block in Odisha from March 2021. A decision to this effect was taken at the Area General Managers meeting headed by SCCL Chairman and Managing Director N Sridhar here at Singareni Bhavan on Tuesday. The meeting discussed steps to be taken to speed up several works in two of the allocated mines Naini and New Patrapada in Odisha and set up deadlines for each activity.

The CMD while appreciating the initiatives taken by the officers to start mining of 350 million tonne capacity Naini coal block, said that efforts must be taken to get all necessary approvals within stipulated time. The SCCL has already started talking with the Revenue and Forest Departments of the Angul district in Odisha to secure 783.27 hectares of forest land at a cost of INR 450 crore. A permission for this will sought at the next SCCL Board of Directors meeting. The feasibility report of this project will also get a green signal from the board.

Source : Strategic Research Institute

voda 5 februari 2020 16:52

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Anglo American to take a call on Thermal Coal Assets in South Africa

Global miner Anglo American Chief Executive Mr Mark Cutifani told Reuters that Anglo American will decide this year whether to sell its South African thermal coal business. He said “I expect we will take a view this year. But we will consult with our key stakeholders before we do that.”

Mr Cutifani said Anglo American would consult with government, communities and employees before a decision is announced.

He said, it has already received interest from potential buyers both inside and outside of South Africa

The diversified miner had no plans to exit its coking coal business but was rather looking at ways to reduce its carbon impact, he said.

Anglo American and other mining companies have come under growing pressure to reduce their exposure to coal because of concern over climate change. Increasing pressure from investors, regulators and climate change activists is prompting miners to limit their exposure to fossil fuels.

Source : Strategic Research Institute

AEX 866,51 0,00 0,00% 22 apr


Germany40^	17.959,70	+0,55%
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US30^	38.227,04	-0,06%
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ACOMO	0,00%
ADYEN NV	0,00%

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