Tag: coal mining
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Coal wars 2.0: How workers will be pitted against billionaires in the search for votes
There is nothing like an election year to focus the minds of business and politicians. For many on both sides it is an existential threat. However, since the Adani saga died down and New Hope finally got its Acland expansion approval, the coal wars that had been so powerful a force died down, but were…
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Carbon Clive or Green Forrest: Which of the pair would you rather bet on?
It’s like they’re from different dimensions. One who is trying to forge a path with coal and came a cropper last week when the State Government kyboshed a somewhat “brave’’ idea of developing a coal mine and power station near Barcaldine. That was Clive, of course. He’s batting a big zero with his coal projects…
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Queensland just approved a $1b coal mine while Clive Palmer gets rebuffed again
The decision to approve the Whitehaven project is a significant boost for the company because the project is adjacent to the Daunia coal mine which it recently bought from the BMA joint venture. Whitehaven said there was potential synergies between the two including the potential integration of operations. About 500 jobs would be created in…
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Stanmore sells coal tenement to Peabody
The deal is for the southern portion of the Wards Well tenement. Apart from the cash, Stanmore would also receive access to infrastructure as an optional solution which may minimise the start-up capital needed for the initial development of the nearby Lancewood and remaining northern area of Wards Well. There was also a contingent royalty…
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Queensland coal mines at the centre of corporate showdown
The panel said it had received an application from Whitehaven in relation to an alleged failure by Bell Rock Capital Management to disclose its derivative interest in the company. The dispute between the two is over two Queensland coal mines Whitehaven bought from BHP last week, Daunia and Blackwater, for between $5 billion and $6…
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Bowen considers Isaac River sale after mine shutdown
The company recently announced it would put its Bluff mine on care and maintenance and in an investor update today the company revealed it had taken further steps to cut costs including job reductions. It had also deferred its royalty payments to the State Government “over a 12-month payment plan”. “Bowen continues to consider other…
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Not over yet: Backlash over BHP’s sale of Queensland mines
Straight after the deal was announced a significant shareholder in Whitehaven sold out 157 million shares and activist investor Bell Rock has been urging shareholders to vote against the deal. Fair Shareholder Returns, which is funded by Bell Rock, took out full page ads in in the name of Fair Shareholder Returns in national newspapers…
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$5 billion seals the deal for two mines and makes another look likely
The deal also increases the chances of the $1 billion Winchester South going ahead with Whitehaven pointing out that it was adjacent to Daunia and would create significant synergies. Shares in Whitehaven jumped 13 per cent on the deal. It said it would pay $US3.2 billion in staggered payments through its cash holdings, a bridging…
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Preferred bidder: Whitehaven likely winner of BHP coal sale
No price has been revealed but analysts have said the Blackwater mine was worth about $US2.5 billion and Daunia about $US800 million. The mines are owned by the BMA joint venture between BHP and Mitsubishi. The sale marks further retreat from the coal sector for BHP. It sold the South Walker Creek and Poitrel coal…
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Budget boost as coal price booms again; but big Queensland mines stall
Stanmore said the price increased from $US233 a tonne at the start of the September quarter but finished at $US333 a tonne at the end. Since then it had increased further. “With generally favourable weather conditions, Queensland operations have recovered to a position of stable supply for most grades,” the company said in its production…