Trump goes after another of the Obama-era protection rules to favour miners

The Trump administration is going after another of the Obama-era environment protection rules by ordering a review of conservation plan for the greater sage grouse, in a move that would make more land available to oil, gas and mining companies. Announcing the measure, Interior Secretary Ryan Zinke said that while the federal government has a responsibility under[…]

Another BHP investor pressing for oil spinoff, board shake-up

Australia’s Tribeca Investment Partners became Friday the second shareholder in world’s largest miner BHP Billiton (ASX: BHP) (LON:BLT) to publicly press for strategic changes at the company. Tribeca, a Sydney-based boutique hedge fund, has sent the miner an eight-page letter titled “Making BHP Great Again,” in which it says the company could raise nearly $10 billion from the[…]

BHP puts US shale assets back on the block amid investors pressure

Mining giant BHP Billiton (ASX, NYSE:BHP), (LON:BLT) is once mulling the future of its US-based Fayetteville shale gas assets to focus on more lucrative opportunities in oil, but said decision was not related to activist investor Elliott Management’s call earlier this month for an overhaul of the firm. The company, which last year logged its largest-ever[…]

BHP brands Elliott's overhaul proposals as flawed, costly

BHP Billiton (ASX: BHP) (LON:BLT) has come up with a detailed response to activist investor Elliott Management, which issued a 10-page letter on Monday calling for major changes at the world’s largest mining company. In its extensive presentation, the Melbourne-based miner said the minor shareholder’s proposal to overhaul BHP’s structure and spin off its US petroleum division[…]

BHP Billiton to escalate defence from Elliott with Goldman’s help

BHP Billiton (ASX: BHP) (LON:BLT) is working with Goldman Sachs Group Inc. on a detailed response to activist investor Elliott Management, which yesterday issued a 10-page letter calling for major changes at the world’s largest mining company. The bank’s involvement in the issue is nothing new, people with knowledge of the matter told Bloomberg. In fact,[…]

BHP rejects activist fund Elliott urge to spin off US oil assets

BHP Billiton (ASX: BHP) (LON:BLT), the world’s largest mining company, has rejected a push by activist investor Elliott Management to unlock shareholder value by spinning off about $22 billion of its US oil assets and list them in New York. The hedge fund manager’s demerger proposal, BHP said in a statement, included the suggestion of[…]

Trump’s energy policy to focus on boosting fracking, reviving coal sector

Following US President Donald Trump’s inauguration last week, his administration has confirmed its intentions to reverse Barack Obama’s climate change policies, boost fracking for oil and gas, and lift current restrictions affecting the coal mining sector. In the document entitled “An America First Energy Plan,” the US new leader outlined his government’s goals, leaving out specifics about how exactly[…]

US coal industry to decline even further in 2017 — IEEFA

Despite a spike in coal prices last year and promises of better times ahead for the sector by President-elect Donald Trump, the US coal industry will continue to decline this year, though at a slower pace than in 2016, a new study shows. According to the Institute for Energy Economics and Financial Analysis (IEEFA), while[…]

US Gov’t mulls raising royalties for coal mining in public lands

The US government flagged this week the need to modernize rules governing coal sales from public lands to offset the climate change effects of burning the fuel and give taxpayers a fair return. In a preliminary report released Wednesday, which is part of a broad review of US coal sales, officials said the suggested changes include[…]

Alpha Natural execs. face fraud charges for failing to disclose $100M in liabilities

West Virginia has accused Alpha Natural Resources executives of potential fraud for not reporting $100 million in liabilities during bankruptcy proceedings. West Virginia regulators argued that had the $100 million cash burden been known, it might have thwarted Alpha Natural Resources’ restructuring agreement approval. The state’s Department of Environmental Protection said the coal miner, which filed for bankruptcy[…]