Huge increase in BC exports of met coal this year

In August 2016, exports of metallurgical coal through Prince Rupert’s Ridley Terminals totalled zero. One year later, the Prince Rupert Port Authority reported exports of metallurgical (“met”) coal had increased 1,341% in 2017’s first eight months compared with the same period in 2016: to 2,379,698 tonnes from 165,141. Since November 2016, per-tonne met coal prices[…]

China bought tonnes of North Korean coal

North Korea’s biggest trading partner imported 1.64 million tonnes of coal in August, despite a supposed embargo imposed by Beijing to comply with the UN sanctions aimed at stopping Pyongyang’s nuclear ambitions. According to CNN, even though China announced in February that it would halt all coal shipments from its smaller neighbour through the end[…]

More than 200 workers to go at Sandvik Materials Technology unit

Swedish equipment and tool manufacturer Sandvik Mining (STO:SAND) is letting go 210 white-collar employees at its Materials Technology unit (SMT), located in Sandviken, about 190 km north of Stockholm. The decision comes as tougher competition from Asian suppliers, pressure on prices and a sustained weakness in the oil an gas sector have all hit the business, the[…]

Kumba resumes divvy thanks to stronger iron ore prices in first half

Shares in Kumba Iron Ore (JSE:KIO) rallied Tuesday after the miner announced it would reinstate dividends after a two-year hiatus thanks to stronger prices for the steelmaking ingredient earlier this year. Delivering first-half results, the South Africa-based company noted that more efficient production helped boost earnings in the period earnings by 53%. The miner’s stock shot[…]

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[…]

Anglo American to sell Kumba despite iron ore rally — experts

Anglo American (LON:AAL), the world’s fifth largest diversified miner, will likely go ahead with its planned sale of its South Africa-based Kumba Iron Ore division, even though an ongoing rally in prices for the commodity has increased the asset’s appeal, experts say. According to BMI Research, while iron ore prices have climbed 90% in the[…]

Kumba Iron Ore settles tax dispute in South Africa

Kumba Iron Ore, one of the divisions Anglo American is trying to sell, has settled a long-standing tax dispute with the South African Revenue Service (SARS) by agreeing to pay R2.5 billion, considerably less than the original R6.5 billion it had been asked to cough up. The bone of contention was unpaid taxes, interest and penalties from[…]

Anglo’s Kumba Iron Ore just got a lot more attractive to potential buyers

South Africa-based Kumba Iron Ore, one of the divisions Anglo American is trying to sell, expects profits to more than double this year on the back of higher iron ore prices, an outlook that makes it highly attractive to potential buyers. The firm, Africa’s largest iron ore producer, said headline earnings per share (EPS) for[…]

US withdrawal from TTP to impact steel sector — Wood Mackenzie

US President Trump’s decision to leave the Trans-Pacific Partnership free-trade deal earlier this week will have little immediate impact on the country’s steel industry, though the long-term effects are likely to be significant, Wood Mackenzie is warning. Despite intense lobbying from Japan and other nations part of the deal, which never entered into force but[…]