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voda 29 oktober 2020 06:45

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Warrior Met Coal Reports Third Quarter 2020 Results

Warrior Met Coal Inc announced results for the third quarter of 2020. Warrior is the leading dedicated US based producer and exporter of high quality metallurgical coal for the global steel industry. Warrior reported a third quarter 2020 net loss of USD 14.4 million, compared to net income of USD 45.0 million in the third quarter of 2019. The Company reported Adjusted EBITDA of USD 16.1 million in the third quarter of 2020, compared to Adjusted EBITDA of USD 82.7 million in the third quarter of 2019. The lower results reflect a challenging market environment this year as a result of the COVID-19 pandemic.

The Company produced 1.9 million short tons of met coal in the third quarter of 2020 compared to 2.2 million short tons in the third quarter of 2019. Sales volume in the third quarter of 2020 was 1.9 million short tons compared to 2.0 million short tons in the third quarter of 2019. Inventory levels remained relatively consistent at 1.5 million short tons at the end of the third quarter of 2020 compared to 1.6 million short tons at the end of the second quarter of 2020.

Source : STRATEGIC RESEARCH INSTITUTE

voda 29 oktober 2020 06:46

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Apollo Syndicate to Stop Underwriting Adani Carmichael Coal Mine

Joining other insurers that have backed away from one of the world's biggest coal project, Lloyd's of London firm Apollo Syndicate Management Ltd doesn't plan to keep underwriting the construction of Adani Mining Pty Ltd's Carmichael coal mine in Australia. Apollo Syndicate Chair Mr Julian Cusack told non profit Market Forces that Apollo Syndicate was underwriting one construction liability policy for Adani's mine but that policy terminates September 2021 and the firm won't provide anymore insurance, including for the project's port and rail extension. He said "We will not participate in any further insurance policies for risks associated with this project.”

The Stop Adani environmentalist campaign said that Apollo Syndicate is the 27th insurer and 17th Lloyd's of London insurer to rule out the mine. Many big European insurers, including Swiss Re AG and Zurich Insurance Group AG, have said they would stop backing coal projects.

Source : STRATEGIC RESEARCH INSTITUTE

voda 29 oktober 2020 06:47

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ANZ Bank to Stop Funding Coal Mines & Power Plants

ANZ Bank has unveiled plans to adopt a net zero emissions test for loans, and to set a 2030 exit date for all direct investment in thermal coal mines and power stations. Starting immediately, the bank will not take on any new business customers with thermal coal exposure amounting to more than 10 per cent of total revenue. By 2030 ANZ will only directly lend to renewables and natural gas projects, despite the latter’s role in driving climate change.

ANZ is the last of Australia’s big four banks to set a date for exiting direct thermal coal investments, although it will continue to support metallurgical coal used for steel production. The bank will also adopt low-carbon deadlines for the agriculture, food and beverage, building, energy and transport sectors in a 10-year plan

Source : STRATEGIC RESEARCH INSTITUTE

voda 30 oktober 2020 11:10

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Development of Coal Imports in Port of Hamburg

In August 2020, coal imports increased again significantly compared to the previous months of this year (average 351,000 tons), rising to almost 600,000 tons. This is the best result since January 2020. In the months from January to August 2020, coal/coke imports in the Port of Hamburg had fallen by 38.6 percent from January to August 2020. Beside the corona-related temporary reduction in demand in the automotive industry, which in turn affects the demand for steel and thus the coal required for steel production, the demand for coal for power generation in power plants is also affected. Due to the energy system transformation and the politically intended coal phase-out, the energy transition is tending more towards gas and wind power instead of coal.

Also, the weather and a fayfijcaJbJs gas price accelerated this demand in favor of alternative energy sources. In addition, and not unusual, in the second quarter, some power plants carried out their power plant overhauls, which temporarily reduced the demand for coal. The restart of the power plants in the third quarter, the prospect of rising demand from the steel industry and the acquisition of additional volume from another "western port" gives confidence that volumes in Hamburg will rise again in the second half of the year. Most of the coal imported by sea came from Russia, but there were also imports from the USA, Canada, and Australia.

Germany's largest universal port reported good results for 2019 with a sea cargo turnover of 136.6 million tons (+1.1 percent). Despite a slowdown in global trade and existing trade sanctions, Hamburg performed very well in a difficult environment.

A record volume of coal was also brought to Hamburg in the previous year. However, demand for coal-based electricity was lower in 2019. The lower revenue situation for the power plants (energy producers) also reduced the demand for coal (production was temporarily shut down), which was further intensified by the mild weather. This and the speculative purchase of coal led to filled warehouses and to a 9.9 percent decline in imports in 2019 to 7.296 million tons.

Source : STRATEGIC RESEARCH INSTITUTE

voda 30 oktober 2020 11:12

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Eastern Mining Shakhtersk Coal Seaport Shipments in 9M up by 20%

The coal seaport of Shakhtersk, one of the key assets of VGK, shipped 8.3 million tonnes of coal in 9 months of 2020, which is 1.4 million tonnes or 20.7% more than in the same period in 2019. Traditionally, the main consumers for the purchase of coal in the 3rd quarter of 2020 are China, South Korea and India. According to the results of the 3rd quarter of 2020, the Solntsevsky coal mine increased the volume of coal production by 19.4% compared to the same period last year. The production indicator was over 8 million tonnes. During the same period last year, 6.8 million tonnes were produced.

The volume of stripping work at the Solntsevsky coal mine increased by 36.6%: in the first 9 months of 2020, 75.5 million cubic meters of rock mass was moved. A year earlier this figure was over 55 million tonnes.

Source : STRATEGIC RESEARCH INSTITUTE

voda 30 oktober 2020 11:13

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Resource Generation Boikarabelo Coal Project Funding Cancelled

Resource Generation Limited has announced on 5 December 2019 that along with its majority owned subsidiary, Ledjadja Coal (Pty) Ltd, it had executed principal binding agreements for the funding of the construction of the Boikarabelo Coal Project. The members of the Lending Syndicate comprised of the Government Employees Pension Fund and the Unemployment Insurance Fund, Industrial Development Corporation of South Africa Limited and Noble Resources International Pte Ltd. ResGen now announced that “Due to delays in satisfying certain Conditions Precedent to reaching Financial Close for first drawdown under the Mine Funding Package, the Company has been in the process of securing formal sign off of the extension of the Common Terms Agreement. Whilst seeking these formal sign offs the Company has now been advised by the IDC that after completing a due diligence investigation for the purpose of the extension a view has been formed that the market conditions under which the Boikarabelo Coal Project would operate have deteriorated materially. Based on the findings, the IDC’s Special Credit Committee resolved that IDC should not grant an extension of the Common Terms Agreement. Further, the IDC Special Credit Committee also decided to cancel all previously approved facilities under the Mine Funding Package.”

The Company is now seeking an urgent meeting to discuss this development with Noble, being the secured lender under the Facility Agreement with Ledjadja Coal (Pty) Ltd dated 3 March 2014 (as amended).

Source : STRATEGIC RESEARCH INSTITUTE

voda 3 november 2020 14:38

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Commercial Coal Mining Auction for 5 Mines Winners

ic and home grown firms on Monday. While five commercial coal blocks went under the hammer, the winning bidders offered to pay handsome amounts to the respective state governments as revenue share, up to 31% in two cases.

Radhikapur West in Odisha - Vedanta, revenue share of 21%

Chakla in Jharkhand – Hindalco, 14.25%

Marki Mangli 2 in Maharashtra - Yazdani International, 30.75%

Takli Jena Bellora in Maharashtra - Arurobindo Realty & Infrastructure, 30.75%

Urtan in Madhya Pradesh - JMS Mining, 10.5%

Other bidders who participated in M auction but did not win any coal block include Adani Enterprises, Jindal Steel and Power and Sunflag Iron and Steel Company.

As many as 19 blocks will be auctioned in this batch of auctions, scheduled to end on November 9. This would also be the first set of coal assets to be auctioned off through the new market-determined revenue share model that replaced the fixed fee/tonne regime that turned off private investors. These assets are unexplored ones, and the investors will enjoy certainty of tenure from the prospecting to the production stages.

Source : STRATEGIC RESEARCH INSTITUTE

voda 3 november 2020 14:39

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Indonesian Thermal Coal Miners Expect Real Recovery in H2 of 2021

The Jakarta Post reported that Indonesian coal mining firms expect global coal demand to recover in mid-2021 as economies around the world heal from COVID-19, even though volumes will remain below pre-pandemic levels. According to Indonesia Coal Mining Association estimates, exports are expected to hit 430 million tonnes in 2021, growing 3.6 percent from this year, but still 8.9 percent below last year’s figure. However, most of next year’s growth is likely to come in the July-December period, as countries focus on the distribution of COVID-19 vaccines in the January-June period. APBI deputy chairman Mr Kurnia Ariawan said “We think the first half of 2021 will still be highly impacted by the pandemic. The second half is when we will see real recovery.”

The COVID-19 pandemic has destroyed global energy demand over the past year. Demand fell so much that the Indonesian benchmark coal price dropped to a five-year low of USD 49.42 per tonne in September. For comparison, prices averaged around USD 77.89 per tonne last year. Demand has recovered in the fourth quarter as some economies have reopened, which boosted the HBA to USD 51 per tonne in October, but experts say prices are unlikely to reach 2019 levels even in 2021.

Source : STRATEGIC RESEARCH INSTITUTE

voda 3 november 2020 14:40

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CIL Coal Production & Off Take Recovers in October

Indian state owned Coal India Limited has reported higher coal production and off take figures for October 2020 over the previous corresponding period. On a provisional basis, the company's coal production jumped 18.7% to 46.8 million tonnes in October 2020 from 39.5 million tonnes in October 2019. CIL's coal off take in October 2020 stood at 50.5 million tonnes, recording a 25% growth from 40.4 million tonnes in October 2019.

With its production impeded by the COVID-19 induced slowdown during the first four months of the present fiscal, CIL started logging positive growth from August onward on monthly basis. For the first time in this fiscal, CIL posted a positive growth of 0.9 per cent in cumulative production till October so far. Production during April-October was 282.9 million tonnes which was 2.5 million tonnes more than that during the same period last year.

Source : STRATEGIC RESEARCH INSTITUTE

voda 3 november 2020 14:40

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Protests by NTPC Kaniha Coal Mine Affected Villagers Enters 25 Days

Express News Service reported that the agitation of the residents of Patharmunda village near the Kaniha coal mine over the demand of jobs entered its 24th day on Sunday. The stir has affected civil levelling work of the mine linked to NTPC Kaniha but production has not yet been hit. The villagers warned they will stop production at the mine if their demand is not met soon. More than 50 residents of Patharmunda are on dharna since October 9. The agitators said they were promised jobs in lieu of their land by the Rehabilitation Peripheral Development Advisory Committee.

General manager of Kaniha area Narayan Das said the villagers are not eligible for jobs as they do not fulfil the criteria which states that each family should have lost at least two-third of its land to get engaged in the mine. He refuted the agitators’ claim that the RPDAC had assured them jobs. Two rounds of talks were held among Das, villagers and the Sub-Collector. However, no amicable solution could be found to the issue.

Source : STRATEGIC RESEARCH INSTITUTE

voda 3 november 2020 14:41

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Residents Protest against Coal Projects in Goa

Herald Goa reported that thousands of Goa residents gathered in the village of Chandor on Sunday night to participate in a protest and conducted a candle march against the government projects lined up for the state. They said “By sitting on the tracks here, we want to tell the government that we are vehemently opposed to the projects of double tracking. We will prove to the government that we are not approving its plan to make Goa a coal hub.”

Residents of Goa fear that projects related to doubling of the railway tracks will cause severe environmental damage and will also increase coal transportation through protected forest areas.

Source : STRATEGIC RESEARCH INSTITUTE

voda 7 december 2020 13:47

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23 Dead in Diaoshuidong Closed Coal Mine Accident in Chongqing

According to reports in Chinese media, 23 miners were killed and one was rescued after an accident due to excessive levels of carbon monoxide in a coal mine in southwest China's Chording. The accident happened at around 5 PM on Friday at the closed Diaoshuidong colliery in Yongchuan District in Chongqing Municipality, when workers were dismantling equipment in the pit. A total of 24 miners were trapped when the accident happened. The cause of the accident is under investigation, and the Work Safety Committee of China's State Council is supervising the investigation.

Diaoshuidong, built in 1975, was a high-gas coal mine with an annual production capacity of 120,000 tonnes. In 2013, three people were killed and two others were injured in a hydrogen sulfide poisoning incident in the same mine. The mine was suspended and shut down over two months ago.

Excessive carbon monoxide levels at a mine in Chongqing have trapped 23 people underground, China’s official Xinhua news agency reported on Friday, in the second such accident in the southwestern municipaly in little over two months.

Strategic Research Institute

voda 7 december 2020 13:48

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Climate Activists Block Coal Train Track in New Zealand

Stuff reported that Coal Action Network Aotearoa, Environmental Justice Otepoti and Extinction Rebellion Otepoti/Otautahi/Waihopai, locked themselves to the railway tracks outside the Dunedin Railway Station about 7.30 AM on Saturday, in an attempt to stop the daily coal train running from Bathurst Resources’ Takitimu mine in Southland to Fonterra’s Clandeboye milk factory in Temuka. About 20 people were on the track, including eight who were locked to it.

The group had three demands: that the Bathurst mines stop expanding, for Fonterra to quit coal, and for the Government to “stop coal in its tracks”.

Strategic Research Institute

voda 7 december 2020 16:38

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Lighthouse Resources Declares Bankruptcy in Montana

On December 3, 2020, Lighthouse Resources Inc announced that it and substantially all of its direct and indirect subsidiaries have filed voluntary petitions for a court-supervised restructuring process under Chapter 11 of the United States Bankruptcy Code in the US Bankruptcy Court for the District of Delaware. Upon approval by the Court, cash-on-hand and cash generated from the Company's on going operations will be used to support the business during the court-supervised process.

Court-supervised operations will continue at reduced levels at the Decker mine in Montana. The Chapter 11 reorganization also includes Millennium Bulk Terminals in Longview, Washington, where operations will continue without reduction. Interested parties will have the opportunity to acquire Millennium's rights under the court-supervised process. Additionally, the Company has a joint venture interest in Black Butte Coal Company in Wyoming. Black Butte has not filed a Chapter 11 petition and will continue with normal operations.

This court-supervised process allows Lighthouse to continue serving customers in the ordinary course while securing protections that will give it time to consider options for the best path forward.

Strategic Research Institute

voda 7 december 2020 16:39

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TransAlta to End Coal Mining Operations at Highvale in 2021

TransAlta Corp will stop mining coal at its Highvale mine by the end of 2021 and will no longer use coal to generate power in Canada effective January 1, 2022. TransAlta said it was closing the mine, which is located south of Lake Wabamun, about 70 kilometres west of Edmonton, four years ahead of schedule in an effort to accelerate its environmental, social, and corporate governance goals.

The Highvale mine, which has been in operation since 1970, is one of three TransAlta-owned surface coal mines and Canada’s largest surface strip coal mine, covering more than 12,600 hectares.

Strategic Research Institute

voda 7 december 2020 16:40

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Australian Coal Blockade at Chinese Ports Easing

A few Australian coal shipments are finally making it onto Chinese soil after months of political impasse between the two nations. Citing data from Kpler, Bloomberg has reported four bulk carriers offloading Australian coal at two different ports in China last week. The unwinding of the effective blockade may come because of diplomatic pressure, or because of commercial reasons. The unwinding of the effective blockade may come because of diplomatic pressure, or because of commercial reasons. Steam coal futures are at the highest levels on record. Coking coal prices have also soared to a four-year high,

More than 50 ships remain stuck at Chinese anchorages waiting to offload their shipments however with hundreds of seafarers stuck in limbo for many months. “The speed of domestic coal price increases in China will to some extent decide how soon we could expect more Australia coal shipments to be discharged.

Strategic Research Institute

voda 7 december 2020 16:41

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United Mine Workers Say US Presidential Election Is Over

United Mine Workers of America International President Mr Cecil E Roberts said “I have watched with growing concern the actions of the Trump campaign and the President himself in their effort to overthrow the will of the American people and claim some sort of victory in the face of the overwhelming vote of the American people for President-elect Biden. While there is nothing wrong with a candidate asking for a recount where it is appropriate and asking for legal review of the results, that has now happened in state after state and there has been little to show for it. The President’s campaign has lost in court after court. But now something sinister is occurring. The President and his campaign have largely given up the legal battle and are putting pressure on state elections officials and legislators to deny the verdict of the voters and overturn their democratic rights. This is a threat to our entire form of government and the American way of life. The cockamamie notion that there was some plot launched in a failed state that somehow affected the count of millions of voters is just absurd. Whether you like the outcome or not, the American people have spoken, and their will must now be placed ahead of everything else.”

The UMWA did not support either candidate for President in this election. Members voted for the candidate of their choice, some voted for President Trump, and some voted for President-elect Biden.

Strategic Research Institute

voda 7 december 2020 16:42

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Fitch Sees Improved Earning for Indonesian Coal Miners in 2021

Fitch Ratings in a new report said that Indonesian coal selling prices and volumes will improve in 2021, which should support a modest improvement in credit metrics and most Indonesian coal miners have also curtailed mining costs in 2020, which is likely to flow through to 2021 - helping earnings.

Fitch also expects further clarity on the renewals of the first-generation mining contracts of work shortly, as a large one has already expired. Fitch continues to consider the implications of the renewals.

Strategic Research Institute

voda 8 december 2020 11:18

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Morupule Coal Mine to Open New Open Pit Mine in 2021 in Botswana

Botswana’s state owned Morupule Coal Mine will boost annual output by 35% to 3.8 million tonnes a year in 2021 after completion of a new open cast mine under construction in the central region of Botswana. MCM currently produces 2.8 million tonnes annually from its underground operations, feeding two nearby power stations with some of the output being exported to South Africa, Namibia and Zimbabwe.

Morupule Coal Mine is located on the outskirts of Palapye, Botswana, along the Serowe-Palapye road. MCM started production in 1973 as an Anglo American Corporation subsidiary. The total inferred inventory coal within the MCM mining lease area is approximately 12 billion tonnes. At current mining rates MCM has +1,000 years of reserves.

Despite the country's estimated 212 billion tonnes of coal resources, MCM was its only operating coal mine until privately owned Minergy commissioned a new mine in 2019 with annual capacity of 1.2 million tonnes.

Source - Strategic Research Institute

voda 8 december 2020 11:20

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TransAlta to End Coal Mining Operations at Highvale in 2021

TransAlta Corp will stop mining coal at its Highvale mine by the end of 2021 and will no longer use coal to generate power in Canada effective January 1, 2022. TransAlta said it was closing the mine, which is located south of Lake Wabamun, about 70 kilometres west of Edmonton, four years ahead of schedule in an effort to accelerate its environmental, social, and corporate governance goals.

The Highvale mine, which has been in operation since 1970, is one of three TransAlta-owned surface coal mines and Canada’s largest surface strip coal mine, covering more than 12,600 hectares.

Source - Strategic Research Institute

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