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Global coal roundup: A weekly review of top international stories

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Global coal roundup: A weekly review of top international stories

A roundup of international coal news from Oct. 2 to Oct. 9.

Asia

China: Chinese coke producer Henan Jinma Energy Co. Ltd. said Oct. 9 that it has set the offer price for its Hong Kong IPO at HK$3.0 per share, with net proceeds expected to be HK$352.6 million. Of the net proceeds, 40% will fund the construction of coke granules coal gas facilities and 10% will fund production facilities for liquefied natural gas. The company will also invest 40% of the proceeds to implement a dry quenching facility for coking furnaces and 10% for working capital.

Thailand: Thailand's move to buy 50,000 to 60,000 tonnes of coal from the U.S. received strong opposition from academics and activists, The Nation (Thailand) reported Oct. 4. Environmental advocates and academics pushed back against the sales agreement, citing what they called high transport costs, low domestic demand for coal in Thailand and the impact the sale would have on international efforts to reduce greenhouse gas emissions, the report said.

Australia

Glencore Plc and its partners in the Queensland-based Wiggins Island Coal Export Terminal have proposed to partially repay US$3 billion of debt to stave off a fast-approaching full repayment deadline, Reuters reported Oct. 6, citing two lenders familiar with the matter. In the event a refinancing fails to materialize by September 2018, the loan terms call for Glencore and four other partners in the terminal to pay the loan in full over the next ten years.

Anglo American Plc CEO Mark Cutifani opposed the idea of government funding to develop infrastructure for Adani Enterprises Ltd.'s Carmichael coal project in Queensland unless its competitors are also given the same, The Australian reported Oct. 4. The Anglo American chief said the government should instead provide policy certainty to the industry to make it easy to do business. "I don't think governments should be in the game of picking winners."

Adani Enterprises Ltd. may consider off-loading a minority stake in the Carmichael coal operation in Queensland to financial institutions and contractors to help raise funds, Reuters reported Oct. 3, citing Adani Australia CEO Jeyakumar Janakaraj. The company is seeking to tie-up financing for the giant Carmichael project by March 2018, with mine construction scheduled to begin in the next few weeks.

As of Oct. 6, US$1 was equivalent to HK$7.81.

This feature was updated at 11:22 a.m. ET on Oct. 9, 2017. Some external links may require a subscription.