Australian coal miners flag finance, insurance difficulties

MELBOURNE - Australia's coal industry is suffering from dwindling access to finance and insurance that is raising the costs of doing business and threatening the longevity of the an industry that accounts for the country's second-most-valuable exports, submissions to a parliamentary inquiry showed. In submissions to the inquiry into regulation of investment in Australia's export industries, miners and contractors such as Adani Enterprises, New Hope and Whitehaven Coal, said worsening access to financial services was unfairly raising business risks and costs. Global insurers, along with banks and other industries, have...

Codelco to break ground on $1.4bn Salvador copper project

SANTIAGO - Chile's State-owned Codelco, the world's largest copper producer, announced on Wednesday it would soon break ground on a $1.4-billion project to extend the life of its aging Salvador division thru 2068. The Rajo Inca project aims to convert Salvador from an underground mine to an open-pit, and requires the company first strips away rock covering the mineral deposits, Codelco said in a statement. "We will begin work in the next few weeks, in order to reach production of 90 000 t in the first half of 2023," the...

KGHM plans to sell its smaller mines outside Poland

WARSAW – Poland's KGHM, which is one of the world's biggest copper and silver producers, plans to sell its smaller mines outside Poland, including Carlota in the United States, company representatives said on Thursday. "We decided that the smaller mines do not fit in our portfolio. It seems that now is an ideal time to sell," Pawel Gruza, vice president in charge of foreign assets, told a news conference....

Australian state approves extension of GFG coal mine

MELBOURNE, April 23 (Reuters) - An Australian state planner has approved the expansion of a metallurgical coal mine in New South Wales run by a unit of cash-strapped industrialist Sanjeev Gupta's GFG Alliance. Planning body IPC said Thursday's consent to develop an extension to the Tahmoor coal mine, 66 km (41 miles) southwest of Sydney, carried additional environmental and social conditions. "This is a positive outcome," said a GFG spokesman, who welcomed the move as reaffirmation of the importance of high-quality metallurgical coal in Australian manufacturing. "We will now take...

China’s Shandong Yulong drops plan to buy Australian gold miner

April 22 (Reuters) - China's Shandong Yulong Gold 601028.SSsaid on Thursday it intended to pull out of a deal to buy Australian gold miner Barto Industry Co, citing recent changes in the international economy and macro environment. The company announced on March 5 it would acquire Barto from fellow Chinese firm Shandong Tianye by assuming the target company's debt of 1.22 billion yuan ($188 million). In a filing to the Shanghai Stock Exchange, Yulong said it had carefully studied the transaction "in light of the recent changes in the international...
1 2 3
Page 1 of 3