Shares of LSE-listed Acacia Mining slumped 12% after “new unfounded” accusations of the underdeclaration of revenues and tax payments stretching into the tens of billions of dollars emerged against it following the release of a report by a second Tanzanian Presidential committee on Monday.
Renewable energy is very rapidly ousting coal, which could present a blow to Botswana, which has been pinning its hopes on coal replacing the static diamond industry as its new platform for economic growth.
China will speed up the closure of small-scale coal mines and strengthen inspections on safer production over the next three years, a government plan released on Monday showed.
Japan's top steelmaker, Nippon Steel & Sumitomo Metal Corp will set quarterly coking coal prices using spot price indexes starting from the current quarter, a company spokesman said on Monday.
India’s Coal Ministry is unlikely to break up the monolithic corporate structure of Coal India Limited (CIL) as recommended by a government policymaking body. “It is not at all advisable and we are not taking up the recommendation at all. CIL will continue to be one entity,” Coal Minister Piyush Goyal said in a statement.
Diversified miner Glencore has made a surprise $2.5-billion bid for miner Rio Tinto’s 100% interest in its Coal & Allied subsidiary, rivaling a bid from ASX-listed Yancoal which launched a $2.45-billion offer in January.
The shareholders of ASX-, Aim- and JSE-listed Coal of Africa Limited (CoAL) will meet on June 15 to vote on the acquisition of the Uitkomst colliery from South Africa’s Pan African Resources Coal holdings.
The two companies in April signed a R275-million deal that would see CoAL acquire Pan African’s 91% interest in the 50 000 t/m colliery, in KwaZulu-Natal.
Sanctions imposed by a 2016 resolution of the United Nations (UN) Security Council in retaliation for unauthorised nuclear tests by North Korea, will probably see the rogue East Asian country’s coal exports fall to a third its value five-year average.
Glencore on Friday said it had bid for coal mines owned by Rio Tinto in Hunter Valley, Australia, offering $2.55-billion cash plus a coal price linked royalty, outbidding a previous offer from Yancoal.
In January, Rio said it was selling its interest in Coal & Allied Industries Limited to Yancoal Australia Limited for $2.45-billion.
Nickel miner Western Areas has sold its 18.8% interest in Aim- and FSE-listed Bluejay Mining for A$27-million, the company announced on Friday.