Asia
China: Analysts said the demise of China Shenhua Energy Co. Ltd.'s Watermark thermal coal project is the best outcome for the state-owned coal producer amid China's evolving supply-demand fundamentals.
* Yanzhou Coal Mining Co. Ltd. said its net profit attributable to shareholders for the first quarter rose 30.2% year over year to 2.25 billion Chinese yuan, or 46.28 fen per share, from 1.73 billion yuan, or 35.20 fen per share.
* China will continue its multibillion-dollar financing of coal plants overseas as part of its Belt and Road Initiative despite its commitment to slash carbon emissions by 2030 and achieve carbon neutrality by 2060, CNA reported, citing an official from the Ministry of Ecology and Environment.
Indonesia: PT Adaro Energy Tbk.'s core earnings in the first quarter dropped 19% year over year to US$110 million from US$136 million as quarterly net revenue dipped 8% to US$692 million and operational EBITDA declined 8% to US$244 million.
India: Jindal Steel & Power Ltd. agreed to sell its 96.42% stake in subsidiary Jindal Power Ltd. to Worldone Private Ltd. for 30.15 billion Indian rupees. The divestment includes the 3,400-MW coal-fired power plants in India's Chhattisgarh state and other noncore assets.
Japan: The Kansai Electric Power Co. Inc. and Marubeni Corporation canceled plans to build Japan's last coal-fired power plant, a 1.3-GW project in Akita prefecture that would have started operations in 2024, Bloomberg Green reported.
Europe
Russia: The Russian metals sector may be a target for future U.S. sanctions if President Vladimir Putin escalates a growing battle with the West through military action, former U.S. government officials told S&P Global Market Intelligence. Russia is the world's leading source for diamonds and a leading exporter of battery metals, gold, steel, coal and other minerals.
Switzerland: Glencore PLC's first-quarter coal production from own sources declined 23% year over year to 24.5 million tonnes due to the suspension of the Prodeco mine in Colombia and market-related production cuts in Australia, though coking coal output rose 33% to 2.4 Mt.
* Glencore secured approval from the Independent Planning Commission of New South Wales, Australia, for a 13-month extension of its Mangoola coal mine in the Upper Hunter Valley, despite opposition due to its potential impact on air quality, biodiversity, water resources and Aboriginal heritage, among others.
United Kingdom: Evraz PLC's raw coking coal production in the first quarter increased 14.1% year over year to 6.5 million tonnes. On a quarterly basis, output rose 7.8%, with most of the growth attributed to site operations in Novokuznetsk, Russia.
Australia
* South32 Ltd.'s energy coal output plunged year over year to 4.0 million tonnes in the three months ended March 31 from 5.9 Mt, while its metallurgical coal output went up to 1.6 Mt from 1.2 Mt.
* Arch Capital Group Ltd. pledged that it will not insure Adani Enterprises Ltd.'s Carmichael coal mine in Queensland, Australia.
North America
Canada: Teck Resources Ltd. booked a first-quarter net profit of C$305 million, or 57 Canadian cents per share, reversing 2020's net loss of C$312 million, or a loss of 57 cents per share.
