China’s staggering demand for commodities

Story by Jeff Desjardins Courtesy of: Visual Capitalist China’s staggering demand for commodities >50% of all steel, cement, nickel, and copper goes there The Chart of the Week is a weekly Visual Capitalist feature on Fridays. It’s said that in China, a new skyscraper is built every five days. China is building often, and they are building[…]

Coal India output, sales rise as power plants rebuild stockpiles

(Bloomberg) — Coal India Ltd.’s shipments rose 4.8 percent from a year ago and output increased for a seventh straight month as power plants bought up fuel to replenish stockpiles and meet increasing demand for electricity. Sales totaled 49.97 million metric tons in February, according to a stock exchange filing Thursday. Production rose 0.3 percent from[…]

Australia takes Rio Tinto to court over Mozambique coal deal

Australia’s corporate watchdog is taking Rio Tinto’s (ASX, LON:RIO) former chief executive Tom Albanese and chief financial officer Guy Elliott to court for allegedly misleading investors in relation to the miner’s botched coal investment in Mozambique. According to the Australian Securities and Investments Commission (ASIC), the two ex-executives engaged in “misleading and deceptive” conduct by[…]

India's outback coal bets sour as global prices recover

(Bloomberg) — Australian mining legend Lang Hancock’s dream four decades ago of exporting coal from the country’s remote Galilee Basin is becoming a nightmare for two Indian conglomerates. Adani Group bought into the Queensland basin in 2010, followed a year later by GVK Group, with plans to ship thermal coal by the middle of the decade.[…]

Anglo American concludes sale of three coal mines in South Africa

Anglo American (LON:AAL) has completed the sale of three Eskom-tied thermal coal operations in South Africa to Seriti Resources, a group of black-controlled companies for R2.3 billion (about $164 million). The deal includes the New Vaal, New Denmark and Kriel mines, as well as various mine life extension projects, which supply about 24 million tonnes[…]

Mongolia's Oyu Tolgoi mine to lift force majeure

The Oyu Tolgoi copper and gold mine in Mongolia’s southern Gobi Desert will lift force majeure effective March 1 and majority owner Turquoise Hill Resources Ltd said on Wednesday that it expected to make up any sales-related effect over the next few quarters. Force majeure was declared Jan. 17 after protests by Chinese coal haulers[…]

South Africa's mining charter to be finalized in three months

JOHANNESBURG, Feb 28 (Reuters) – South Africa’s new mining minister Gwede Mantashe said on Wednesday he will finalise the latest version of an industry charter which lays out requirements for black ownership levels and other targets in the next three months. Uncertainty around the charter has deterred investment into a sector that accounts for 8[…]

Shipping gauge shows iron ore, copper prices heading for fall

Drifting into the doldrums? The Baltic Dry Shipping Index came to prominence at the start of the Chinese-led commodity supercycle around a decade ago. The London-based Baltic Exchange tracks the cost of moving commodities along more than 50 routes around the world and the BDI is considered one of the go-to barometers of the global[…]