Anglo American appoints takeovers expert as new chairman

Anglo American (LON:AAL), the world’s fifth largest diversified miner, has appointed Stuart Chambers to succeed Sir John Parker as chairman of the group. Chambers, 61 and former chairman of UK chip designer Arm, will join Anglo as a non-executive director in September, replacing Parker in November. Stuart Chambers is known for his active participation in the sale of several[…]

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[…]

Erdene Resource moving forward with flagship project in Mongolia

Canada’s Erdene Resource Development (TSX:ERD), the company that literally struck gold earlier this year after finding its new Mongolia-based gold project was richer than previously thought, expects to move Bayan Khundii towards its maiden resource estimate by 2018. The firm, one of the very few miners to never have encountered issues in the landlocked Asian country, was granted[…]

Peabody Energy back to the NYSE as emerges from bankruptcy

US coal miner Peabody Energy (NYSE:BTU), the world’s largest privately owned producer of the fossil fuel, made a fresh debut on the New York Stock Exchange on Tuesday after emerging from an almost to the date year-long bankruptcy protection. Shares in the St. Louis-based company began trading at $31.50, but were already down 5.65% to[…]

Cyclone Debbie disrupts $3.2bn of Australian coal exports

Australia’s coal exports may be disrupted for weeks as flooding associated with Cyclone Debbie has caused serious damage to some of the country’s key rail lines, particularly in the north-east, momentarily helping prices, but also increasing the prospect of major producers declaring force majeure. Damage to rail lines in cyclone-hit Queensland have disrupted the shipment[…]

Glencore’s profit soars on commodities rebound

Miner and commodities trader Glencore (LON:GLEN) became Thursday the latest company to prove the mining industry is coming back up from one of the sector’s most severe downturns by posting a 48% increase in 2016 profits. A surge in commodity prices combined with Glencore’s multibillion-dollar asset fire-sale not only helped it swing back to profit, but also to[…]

Coal dust near Great Barrier Reef worries scientists, environmentalists

The recent discovery of coal dust near Australia’s Great Barrier Reef has academics and environmentalists up in arms and has triggered an investigation on the nearby Hay Point port, which ships tens of millions of tonnes of coal a year to global markets. The leak took place in early February, causing black coal dust (pulverized,[…]

Rio Tinto logs first annual gain since 2013 on iron ore rally

Rio Tinto (ASX, LON:RIO), the world’s second largest miner, delivered strong signs of a long-awaited turnaround in the industry by posting its first gain in annual profit since 2013. Higher iron ore prices boosted Rio’s profit 12% to $5.1 billion last year, a significant turnaround from 2015, when it posted its worst underlying earnings in[…]

Denmark's largest energy firm to ditch coal by 2023

On the same day a new The Economist Intelligence Unit report concluded European coal generation is declining and will continue to face a “difficult outlook”, Danish giant Dong Energy (CPH:DENERG) announced it would phase out the use of the fossil fuel. As part of the plan, Dong Energy will stop using coal at all of its European power[…]