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[…]

Cash-rich global miners eye India as coal sector opens up for private firms

India’s decision to allow private and foreign companies to bid for coal mines without any end-use or price restrictions is likely to lure foreign giants such as BHP, Rio Tinto, Anglo American and Glencore, currently swimming in cash. According to online trading firm Angel Broking, the new guidelines — aimed at boosting investment, output and[…]

Agarwal plans to keep his Anglo American stake for a long time

(Bloomberg) — Anil Agarwal, the Indian commodities billionaire, said the rally in Anglo American Plc vindicated his personal bet in the mining group, adding that he plans to own the shares for a long time. Agarwal surprised Anglo’s management last year when he took a 21 percent stake in the company, becoming its top shareholder.[…]

CHARTS: Big mining's surge in value shames tech giants

Big cap diversified miners are riding a wave of optimism as global growth prospects – especially in manufacturing – continues to strengthen.  Global economic activity as measured by the JP Morgan global manufacturing and services index showed output rising at the fastest pace since March 2015. The manufacturing index has now signalled expansion for a record 82 months[…]

India’s Singareni Collieries wants to produce 85 million tonnes of coal per year

In a year-review post published on its official Facebook page, state-owned Singareni Collieries Company Limited announced that it expects coal production to touch 85 million tonnes per annum in the next five years as it plans to open up 12 new mines. The company’s outlook is also based on the fact that during the fiscal[…]

Australia notified China of Adani coal mine approvals in letter

SYDNEY, Oct 26 (Reuters) – Australian politicians told China of government approvals for a controversial A$16.5-billion ($13-billion) coal mine project being built by Indian conglomerate Adani Enterprises, a panel of senators heard on Thursday. Thousands of people turned out across Australia this month to protest against the project in northeastern Queensland state, which Adani has[…]

Adani to go ahead with polemic Carmichael coal mine after all

Indian conglomerate Adani Group has decided to go ahead with its $12 billion (A$16bn) Carmichael coal mine and rail project in Queensland, Australia, one of the world’s largest thermal coal mines approved in recent years. The decision comes only days after the conglomerate agreed to pay the state hefty royalties on the coal produced there[…]

Australian officials slam banks decision to refuse backing country’s largest coal project

As “strange” and “disappointing” qualified Australia’s Federal Finance Minister Mathias Cormann the decision by the country’s four biggest banks to rule out or withdraw funding for Adani’s Carmichael coal mine and rail project. The lenders’ move follow a decision by Australia’s second-largest bank Westpac, unveiled on Friday, to only fund new projects in existing, rather[…]