A roundup of international coal news from March 5 to March 12.
Tagging the commodity as the "main loser" among fossil fuels globally, a recent energy report from BP Plc projects that coal will see its growth lag its competition through 2040 but will remain the largest source of energy for electricity generation. According to BP's "evolving transition" scenario, coal will account for just 13% of the increase in power generation by 2040 but will continue to have the largest share in power generation at 28%.
North America
Canada:
Asia
China:
The country's Shanxi province looks to slash 16 million tonnes of backward mining capacity in state-owned coal mines in 2018, Xinhua Net reported March 7. The provincial land and resources department launched a three-month campaign beginning this month to stand against illegal mining in an effort to curtail the resurgence of mining activities in closed coal mines, the report said.
India:
Indonesia:
Laos:
Australia
Mitsubishi Corp. completed the sale of its 28.9% ownership interest in the Warkworth coal mine in New South Wales, Australia, to Yancoal Australia Ltd., it said March 7. The company granted a call option to Yancoal in June 2017 to acquire the 28.9% stake for US$230 million.
Lawyers for Rio Tinto, former CEO Tom Albanese and former CFO Guy Elliott filed a consolidation motion to have recent SEC fraud charges against them dismissed, London's Financial Times reported March 6. The charges were filed in October 2017, with the commission accusing the parties of violating the reporting, books and records, and internal controls provisions of federal securities laws related to an acquisition of coal assets in Mozambique, later consolidated under Rio Tinto Coal Mozambique.
The Australian Securities and Investments Commission claimed that Rio Tinto knew within months of completing the deal that its coal resource estimate for its Mozambique asset was "materially" overstated, The Australian Financial Review reported March 7. The watchdog alleged that the coal resources and reserves Rio Tinto released in March 2012 were 67% lower than what the company had estimated in the due diligence assessments for the acquisition.
Africa
South Africa:
This feature was updated as of 11:00 a.m. ET on March 12. Some external links may require a subscription.
