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Global coal roundup: Coal India looks to raise prices to offset salary increases

A roundup of international coal news from Nov. 27 to Dec. 4.

North America

Canada: Colonial Coal International Corp. said Nov. 27 that an initial resource at the Flatbed coal project in British Columbia estimated an underground minable coal resource of 298 million tonnes of coal in the inferred category. A review of the coal properties using samples obtained from drilling during the first-phase exploration program at the project indicated coking coal properties after beneficiation.

Asia

Russia: Mechel PAO on Nov. 28 posted mixed third-quarter production results, with run-of-mine coal and pig iron output each increasing by 2% quarter on quarter and steel production down 9%. The company produced 5.4 million tonnes of run-of-mine coal and 1 million tonnes of pig iron, while steel production fell to 1 million tonnes due to planned repairs at the Chelyabinsk metallurgical plant.

India: Coal India Ltd. is assessing a price increase for its products to offset the impact of a wage hike deal with trade unions and the upcoming salary increases for the company's executives, Mining Weekly reported Nov. 29. In October, the miner signed a five-year national wage agreement with worker unions, granting wage hikes to 298,000 workers.

Australia

Bowen Coking Coal Ltd. agreed to purchase the 14-square-kilometer Isaac River coking coal project in Queensland, Australia. The company will pay A$200,000 to Aquila Coal Pty. Ltd. and Eagle Downs Pty. Ltd. for the acquisition, it said Dec. 4.

Industrial & Commercial Bank of China, or ICBC, said it does not intend to fund Adani Enterprises Ltd.'s controversial Carmichael coal mine in Queensland, Australia, ABC reported Dec. 4. "ICBC has not been, and does not intend to be, engaged in arranging financing for this project," the bank said in a statement.

Africa

Botswana: Kibo Mining Plc agreed to acquire an 85% interest in the Mabesekwa coal independent power project in Botswana from Shumba Energy Ltd. in an all-share deal. The company said the acquisition is part of its repositioning strategy as an electricity supplier on the back of its flagship Mbeya coal-to-power project in Tanzania.

South Africa: Universal Coal Plc said Nov. 27 that Universal Coal Development IV Pty. Ltd. acquired Manyeka Coal Mines Pty. Ltd., which holds 51% of Eloff Mining Co. Pty. Ltd., owner of the Eloff coal project in South Africa, for A$8.5 million. The acquisition increased its stake in Eloff Mining to 80%.

Mozambique: Vale SA said Nov. 27 that the Nacala Logistic Corridor companies signed binding financing contracts that will raise US$2.73 billion for the logistic corridor project. Nacala Logistic Corridor aims to link Vale's Moatize coal mine in Mozambique to the Nacala-à-Velha terminal, where the miner will build a deepwater seaport.

This feature was updated as of 9:43 a.m. ET on Dec. 4. Some external links may require a subscription.