Google scraps renewable energy cheaper than coal initiative

Google is in the midst of some, as they call it, spring cleaning out of season. They are shutting down a number of projects that haven’t quite hit the mark the way they had hoped.

Unfortunately for the environment, Google’s four year long “Renewable Energy Cheaper than Coal RE” project is in the trash bin. The original premise was to invest in solar technology with the hope of driving down the price of renewable energy. Now, the technology powerhouse has decided that others are in a better position to continue the work. As they wrote on their blog, Google published their results “to help others in the field continue to advance the state of power tower technology, and we’ve closed our efforts.”

This doesn’t mean that they are turning their backs on all things green. They reported on the blog, “We will continue our work to generate cleaner, more efficient energy including our on campus efforts, procuring renewable energy for our data centers, making our data centers even more efficient and investing more than USD 850 million in renewable energy technologies.”

Other projects to bite the dust include Google Wave, Google Friend Connect and Google Search Timeline.

(Sourced from www.ecorazzi.com)

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Trafigura to boom as giant Mongolia awakens

Trafigura Beheer BV plans to expand in Mongolia to deliver more iron ore, coal and copper to the China market.

Mr Mikhail Zeldovich head of Trafigura’s Russia and Mongolia unit said that it secured its first iron ore and coal supply agreements in the country in the past few months. Talks on more accords are in progress and Trafigura’s first Mongolian tin shipment is due this week.

Mr Zeldovich said that “In all commodity businesses I anticipate strong growth and in the bulk commodities of coal and iron ore I am targeting a multiple of what we already have. We very much see Mongolia as a sleeping giant of resources that’s now beginning to awaken.”

According to Ulan Bator based Trade and Development Bank, Mongolia in June surpassed Australia as the biggest seller of coking coal to China and total exports are due to rise by 65% this year. Rio Tinto Group will begin commercial output from the Oyu Tolgoi mine in 2013 a deposit in central Mongolia that it says is one of the biggest untapped sources of copper and gold.

A mining boom in the world’s most sparsely populated nation promises the greatest influx of wealth for Mongolia since Genghis Khan conquered most of Europe and Asia in the 13th century. Economic growth may surge to 23% in 2013 more than twice the forecast expansion in China, as mining projects begin production, the International Monetary Fund said in April.

Mr Zeldovich said that last year, Amsterdam based Trafigura provided more than USD 40 million in financing to help start production at a lead and zinc mine in eastern Mongolia in exchange for an off take accord. The trader has also invested in a trucking company in Mongolia to transport coal from producers including Mongolyn Alt Group to China. It ranks among the top three sells of copper in Mongolia.

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Salmon River ink MoU with General Steel Holding

Salmon River Resources Ltd announced that it has signed a non binding MoU with General Steel Holdings Inc a company listed on the New York Stock Exchange, for itself and on behalf of certain subsidiaries and affiliates regarding rights to purchase part of any future iron ore production from

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Rio Tinto and University of Western Australia developing advanced exploration technology

World leading mining exploration technology from Rio Tinto's Mine of the FutureTM program attracted a visit today from His Royal Highness The Duke of Edinburgh as a prelude to the Commonwealth Heads of Government Meeting in Perth.
br> At The University of Western Australian His Royal Highness
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China Coal resumes output at two mines halted after deaths

Bloomberg reported that China Coal Energy Co has resumed production at two of five mines that were suspended after flooding killed 10 workers at a site run by its parent.

The company said in a statement to the Hong Kong Stock Exchange the mines passed a safety inspection by local authorities in Shanxi province. Three other sites are starting checks.

Xinhua News Agency reported on September 17 that production at the five underground mines was suspended after flooding at a pit run by China National Coal Group Corp the nation second largest coal producer and parent of the listed company killed 10 people.

China Coal said the provincial government ordered a halt pending rectification to underground mines owned by the parent and five underground mines in Shanxi held by the listed unit after the September 16 accident.

China Coal shares have dropped 29% since the accident, compared with a 10% slide in the Hang Seng Index. The suspensions, ordered as power plants prepared to start replenishing coal stockpiles for winter demand for electricity won’t have a material impact on output or the company operations.

There had been 512 coal mine accidents in China as of June, 21% fewer than in the same period in 2010. Shanxi produced 740 million tons of coal last year trailing only the 782 million tons mined by Inner Mongolia, China top producing province.

(Sourced from Bloomberg)

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Coal shortage hits power generation at NTPC Ramagundam unit

It is reported that power generation at NTPC Ramagundam super thermal power project located in Andhra Pradesh has been adversely impacted due to shortage of coal supply from Singareni Collieries Company Ltd.

SCCL miners are agitating in support for separate statehood of Telangana. Of the 2,600-MW of installed capacity at Ramagundam, NTPC plant is able to generate about 1,520 MW from the six units of 2,100 MW. It has shut down the seventh unit of 500 MW from Saturday due to coal shortage as it does not make sense to generate power with low plant load factor.

A spokesperson of NTPC told Business Line that "In spite of making alterative arrangements from Mahanadi Coalfields, South Eastern Coalfields and from mines in Chhattisgarh and Orissa and making other alternative arrangements from Coal India Ltd, we are able to generate only about 1,520 MW today."

As against average requirement of about 36,000 tonnes per day, NTPC now has supplies for about 18,000 tonnes.

The power generated from NTPC Ramagundam is supplied as per the allocation made to various southern States. Accordingly Andhra Pradesh gets about 31.5%, Tamil Nadu 25%, Karnataka 19%, Kerala 15%, Puducherry and Goa about 5% respectively.

(Sourced from www.thehindubusinessline.com)

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Composition of Metso nomination board

13 times viewed. Tuesday, 04 Oct 2011Metso Annual General Meeting decided on March 30, 2011 to establish a Nomination Board to prepare proposals on members of the Board of Directors and their remuneration for the next Annual General Meeting which is planned to be held on March 29, 2012. The representatives of the four largest shareholders registered in Metso shareholder register as of October 1, 2011 are elected to the Nomination Board along with the Chairman of the Board of Directors Jukka Viinanen as an expert member.

According to the shareholders register, Metso Corporation four largest shareholders on October 1, 2011 were:
1. Solidium Oy
2. Cevian Capital II Master Fund LP
3. Ilmarinen Mutual Pension Insurance Company
4. Varma Mutual Pension Insurance Company
These shareholders have named the following persons as their representatives for Metso's Nomination Board:
1. Kari Järvinen, Managing Director
2. Lars Förberg, Managing Partner
3. Harri Sailas, President and CEO
4. Matti Vuoria, Managing Director, President and CEO
Mr Kari Järvinen has been elected the Chairman of the Nomination Board.

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Redar Iron identifies DSO iron ore targets at Jackson and Boondine projects

It is reported that Radar Iron is about to ramp up news flow across several of the company's projects.

The latest positive news is that iron ore targets have been identified from an aeromagnetic survey which includes an additional 20 kilometres of magnetic responses.

The survey was over the Die Hardy, Boondine and Jackson projects which are located in the Southern Cross district of Western Australia which comprised 8,300 flight line kilometres.

The outcome is that several areas of direct shipping ore mineralisation have been defined at the Jackson and Boondine projects.

At Die Hardy which is the initial main magnetite target for Radar the data highlighted new untested magnetic units to the north and north west of the existing drilling indicating a combined strike length of 4 kilometres.

Magnetic modeling for all the recently acquired data is currently underway, with ground reconnaissance of potential anomalies kicking off this month, and following drilling approval, drill testing is expected to commence in early 2012 at the high priority targets.

In total Radar holds around 1200 square kilometres of tenements in the Yilgarn Iron Ore Province, with 120 kilometres of banded iron formations which are largely unexplored for iron ore.

Mr Jon Lea MD of Radar told Proactive Investors today that a 3000 metre reverse circulation drilling program will kick off next month at the Johnston Range project.

The project is significant for Radar with around 20 direct shipping ore targets having already been identified, which Lea said have the potential to host 2Mt to 5Mt hematite deposits in pods.

Johnston Range hosts 40 linear kilometres of banded iron formation, and has the potential to deliver a JORC Resource in the short term.

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Queensland Galilee Basin could generate 6000 jobs

It is reported that a new coalmine in central Queensland Galilee Basin could generate 6000 jobs during construction and 1500 places during the mine life.

More details on Waratah Coal USD 8.3 billion Galilee Coal project became available recently when the company released its environmental impact statement. The project involves a series of new thermal coalmines near Alpha, west of Emerald a 468 kilometer railway from the mine to the coast and a port at Abbot Point, north of Bowen.

Mr Rachel Nolan acting Development Minister said ''If the Galilee Coal project proceeds, it could generate around 6000 jobs during construction and 1500 jobs during the operational life of the mine which is expected to exceed 25 years.”

Mr Keith Davies Co-ordinator-general said community concerns about the impact of the railway would be looked at along with formal submissions when considering the project.

Premier Ms Anna Bligh said the project presented another big leap forward for Queensland's economy, provided the company met all environmental impact requirements. She said ''The Galilee Basin is a very rich coal seam. If it can be developed appropriately, then it means jobs, prosperity and growth, and a very bright future for our state.”

The project impact statement will be available for public comment until November 7. The proposed port at Abbot Point will be subject to a separate approval process.

(Sourced from www.brisbanetimes.com.au)

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Zimbabwe deadline for foreign firms looms

It is reported that foreign companies operating in Zimbabwe had until Sunday to hand in plans to sell majority stakes to local blacks under a law that has alarmed investors who are uncertain how the rules will work.

The government order for the transfer of 51% ownership has been called the final phase of economic emancipation after controversial land reforms targeting white owned farms a decade ago. But analysts are skeptical.

Mr Anthony Hawkins a University of Zimbabwe economics professor said "There is no way the local and the government has the money to buy shares in the companies. Everybody knows that."

He said that the indigenization drive could hurt the economy in the same way as the land reforms which sparked an economic nose-dive after supporters of President Mr Robert Mugabe violently seized white-owned farms.

Mr Hawkins about polls expected next year said "My concern is that this is much more of a political policy and it will have an economic harm just like the land reforms. It looks like they are doing this for the elections."

He said that "This will reduce the amount of investment in the country as the new owners will not have the money to, for example, expand projects. The community does not have the money, as well as the workers and the government is broke."

The push is without the violence of the land seizures which Mr Mugabe said was a way to correct colonial-era wrongs, but there is mixed signals on how the law will be implemented.

Mr Saviour Kasukuwere Indigenization Minister has warned that non-compliant companies risk nationalization. But certain firms have arranged their own deals and deadlines ahead of Sunday cut-off date making the government appear flexible on how the law is implemented.

(Sourced from AFP)

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Mongolia high plains herders warily eye coal truck road

Reuters reported that a lone cement ribbon bisecting hundreds of miles of shale and scrub on the high plains of Mongolia Gobi Desert may be a talisman or curse for nomadic herders that trace their lineage to the empire of Mr Ghengis Khan.

Carved into the Gobi by the Hong Kong listed Mongolian Mining Corporation the 147 mile and two lane roads is due to open next month, allowing the company to speed up cargoes of coal to China from its expanding Ukhaa Khudag mine.

The freshly paved highway is one of the first glimpses of a mining boom that will transform Mongolia fortunes. But many including President Mr Tsakhia Elbegdorj are worried that mining has already put the country fragile pastoral economy under strain and left a million nomads behind.

Mr Puntsag Tsagaan president senior adviser said "Hundreds of rivers, streams and lakes have disappeared because of deforestation, climate change and also partly because of irresponsible mining."

He said that "Our challenge is how to diversify our economy. I don't want my children and my grandchildren to live in a different country called Minegolia it has to be Mongolia. Therefore we have to manage the mineral wealth in a better way."

The road will remove a major logistical hurdle for MMC.

Mr Adilbish Gankhuyag MMC's chief financial officer said "We will start using it next month and it will have a total throughput capacity of about 18 million tonnes per annum this year our total production will be 7 million tonnes so we no longer have logistics and transportation problems."

Mr Shurka Baigalmaa MMC's onsite manager at Ukhaa Khudag said it is also a key part of the company commitment to protect the region's ecosystem which has been damaged by hundreds of overloaded coal trucks churning up grazing land.

MMC is also committed to using the parched region water supplies efficiently with Baigalmaa saying that 95% of water used at the mine washing plant would be recycled.

The open-cast mine is already 70 metres deep and will eventually descend 300 metres but she said the company would limit the impact by refilling exhausted seams using peat excavated from new mining areas further west.

(Sourced from Reuters)

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Avonlea Minerals appoint Non Executive Chairman

Avonlea has appointed Mr David Macoboy as Non Executive Chairman effective immediately.

Mr Macoboy brings to the Board a wealth of experience across a range of industries especially in the areas of corporate strategy, finance, project evaluation and development, and management. Mr Macoboy has over 20 years in the resources sector joining Avonlea following roles at Board level with a range of successful ASX listed exploration and mining companies.

Mr David is currently Non-Executive Chairman of Vital Metals Limited, and has held previous Directorships with Ammtec Ltd, Ironclad Mining Limited, Grange Resources Limited, Territory Iron Limited and Consolidated Minerals Limited.

Mr Macoboy holds a Bachelor of Economics and a Bachelor of Commerce from the University of WA. David is a Fellow of the Australian Institute of Company Directors and a Certified Practicing Accountant.

Mr David Riekie Avonlea Managing Director said "We welcome Mr Macoboy as a valuable addition to the Avonlea Board. His extensive corporate and resources experience provides a complementary skill set to the existing Board. Mr Macoboy joins the Company at a pivotal time in the Company's growth as we continue to develop our portfolio of projects in Namibia, and will assist to drive our corporate agenda to realize the full potential of our asset base."

Mr Roger Steinepreis will as a consequence step down as Chairman, but will remain a Non-Executive Director of the Company. The Board thanks Roger for his significant contribution to the Company in his capacity as Chairman since listing on the ASX in 2007.

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US coal units to retire as EPA tightens rules

(Sourced from Reuters)
Reuters has made a partial list of US coal plants that energy companies expect to retire in the coming years. Some units may be converted to burn alternative fuels or be replaced with natural gas fired generation.

OWNER	UNIT	SIZE	STATE	DATE TO SHUT
Exelon	Cromby Units 1,2	345	PA	31-May-11
Exelon	Eddystone Units 1,2	588	PA	31-May-11
AEP	Phillip Sporn	450	WV	2011
TVA	Shawnee Unit 10	124	KY	2011
Duke	Cliffside 1-4	198	NC	2011
Duke	Buck 3 and 4	113	NC	2011
AES	Greenidge	156	NY	c2011
AES	Westover	128	NY	c2011
TVA	Widows Creek 1-2	282	AL	Late 2011
TVA	John Sevier Unit 1,2	352	TN	2012
Duke	Edwardsport	160	IN	2012
Duke	Dan River 1-3	276	NC	2012
GenOn	Potomac River	482	VA	Oct-12
Progress	H.F. Lee	397	NC	2013
Black Hills	W.N. Clark	42	CO	By 2013
Progress	Weatherspoon	172	NC	2013-2017
Progress	Sutton	600	NC	2014
Duke	WS Lee	370	SC	2014
Dominion	Salem Harbor	738	MA	2014
Duke	Wabash River 2-6	668	IN	2014
AEP	Glen Lyn	335	VA	31-Dec-14
AEP	Kammer	630	WV	31-Dec-14
AEP	Kanawha River	400	WV	31-Dec-14
AEP	Phillip Sporn	600	WV	31-Dec-14
AEP	Picway Plant	100	OH	31-Dec-14
AEP	Big Sandy 1,2	1078	KY	31-Dec-14
AEP	Clinch River 3	235	VA	31-Dec-14
AEP	Conesville 3	165	OH	31-Dec-14
AEP	Muskingum River 1-4	840	OH	31-Dec-14
AEP	Tanners Creek 1-3	495	IN	31-Dec-14
AEP	Welsh 2	528	TX	31-Dec-14
Dominion	North Branch	74	VA	Late 2015
Duke	Riverbend 4-7	454	NC	2015
Duke	Buck 5-6	256	NC	2015
Dominion	Yorktown 1-2	323	VA	2015
TVA	Widows Creek 3-6	564	AL	Late 2015
TVA	Johnsonville 1-6	794	TN	Late 2015
Dominion	Chesapeake 1-4	595	VA	2015-2016
PPL's LG&E	Cane Run	563	KY	2016
PPL's LG&E	Tyrone	71	KY	---
PPL's LG&E	Green River	163	KY	2016
TVA	Johnsonville 7-10	692	TN	Late 2017
Dominion	State Line	515	IN	By mid-2014
Progress	Cape Fear	316	NC	2017
Xcel	Cherokee 1-4	1069	CO	By 2017
Xcel	Arapahoe 3,4	156	CO	By 2017
Xcel	Valmont	186	CO	By 2017
CPS Energy	Deely	871	TX	2018
PGE	Boardman	585	OR	2020
Centralia	TransAlta	688	WA	2020
Centralia	TransAtla	688	WA	2025
APS	Four Corners 1-3	560	NM	---
		22230

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CIL maintains stand on bonus issue

Press Trust of India reported that Coal India stands firm on its decision of bonus payment to the workers despite their threat of a one-day strike on October 10.

Mr NC Jha Coal India Chairman said "There is no plan to review the bonus offer from us."

He said if the unions go ahead with the strike, the miner would lose 0.8 million tonne to 1 million tonne in coal production, while the revenue loss would be INR 120 crore.

Coal unions have said they'll go on a strike across mines including in Singareni Coal Companies, if their demand for a minimum INR 25,000 bonus is not accepted by the management. CIL on the other hand has offered INR 17,000 against INR 15,000 offered last year.

With the company registering a shortfall in production in August and September due to rains, the strike would make it difficult for the company to meet the projected production target of 452 million tonnes for the current fiscal.

Meanwhile, Mr Alok Perti Coal Secretary while addressing the seminar said there is need for simplification of the procedures in acquisition norms to help the PSUs in buying overseas energy assets.

He said that "Time is essence. In this aspect, private sector has an advantage over the PSUs to take quick decisions," he said.

CIL in the past has failed to act swiftly due to procedural hindrances and some of the overseas coal assets went to other bidders.

(Sourced from Press Trust of India)

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Global Earth Energy announces closing date of coal properties

Global Earth Energy Inc announced that its partially owned Canadian company, Global Earth Natural Resources Inc which trades on the Frankfurt Stock Exchange under the symbol 2GN, 2GN: GR on the Bloomberg quote system, a co-owner along with Modern Coal, LLC of Global Earth Natural Resources LLC a Texas limited liability company, has set a closing date of mid September for its acquisition of the Samuel Coal properties in Knott County, Kentucky. Permitting has been received on all three of its initial locations and Global Earth Natural Resources, LLC expects to begin mining operations immediately after closing the acquisition.

Global Earth Energy, Inc Global Earth Natural Resources LLC and Modern Coal, LLC plan to expand the workforce needed for the Kentucky operations of Global Earth Natural Resources, LLC and have begun accepting resumes for various positions. The total need for new hires is expected to be approximately 100 people. Global Earth Natural Resources, LLC is looking for personnel experienced in tipple operations or related experience in the transport and loading of coal, shift supervisors, mechanics, bookkeepers and security and safety personnel.

Modern Coal, LLC and Global Earth Energy Inc wish to express their thanks to Congressman Hal Rogers, US Representative from Kentucky 5th Congressional district, for his support and encouragement as Global Earth Natural Resources, LLC completes its acquisition of the Kentucky coal properties helping bring new jobs to Knott County and his steadfast support of Kentucky's coal producers.

www.steelguru.com

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Science City to establish mining investment JV

It is reported that Science City Development Public plans to establish a mining investment and development joint venture with Hainan Xinde Taisheng Investment Management and Shouyi Venture Capital.

The joint venture, Yintai Shengda Mining Investment Development, will have a registered capital of CNY 100 million of which CNY 51 million will be borne by Science City in return for a 51% stake.

Science City released its assets restructuring plan in July. It had planned to swap out its hotel assets for lead-zinc mining assets. The value of the target mining assets rose 14 fold in the past three years.

Shares of Science City had risen by their daily limits for two straight trading sessions from July 21. However, the stock then dropped continuously to CNY 7.5 at present.

(Sourced from Shanghai Securities News)

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Norway and Finland challenge Sweden dominance in mining

It is reported that Sweden e leading Nordic country when it comes to mining industry.

Norway is expected to introduce a 15 year state program on mineral research which will cost SEK 1 billion according to Sveriges Radio. The Norwegian mining industry has for a long time been in the shadow of the oil industry but the current high metal prices have changed the Norwegian government's view on this.

The Finnish government has made the same thing. In May it started a 5 year state financed mining research program which costs SEK 500 million.

(Sourced from www.steelguru.com)

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Beacon Hill suitor withdraws approach

Reuters reported that bid target Beacon Hill Resources a potential offer was withdrawn after for the coking coal producer confirmed it undervalued the group and its assets.

Beacon Hill said it continued to make good progress with the development of Minas Moatize a producing coal mine in the Tete Province of Northern Mozambique.

The company said in a statement that "Whilst equity markets have been volatile, coal prices have remained very strong and demand for security of supply of coking coal is at an all-time high."

On August 26, Beacon Hill snubbed an early stage takeover proposal of 142 million pound from a third party saying it undervalued the company.

Beacon has two primary assets the Minas Moatize coal mine in Tete, Mozambique and Tasmania Magnesite NL in Tasmania, Australia.

(Sourced from Reuters)

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Mr Lindsay favors coal mine expansion as mergers booms

Teck Resources Ltd the world second largest exporter of coal used in steelmaking focused on expanding its Canadian operations without acquisitions, even as the volume of transactions in the industry rises to the highest level in at least 12 years.

Mr Don Lindsay CEO of Teck Resources said "For us, it makes far more sense to build than to buy. It may be boring from an external point of view that there aren't lots of transactions, but it works."

Teck plans to step up the pace of extraction from the more than 5.5 billion tonnes of coal deposits it holds in Alberta and British Columbia. Mr Lindsay said building capacity in western Canada is a cheaper way to add production than buying companies such as US miner Walter Energy Inc or Australia Macarthur Coal Ltd.

According to Bloomberg data there have been 56 pending or completed takeover bids for coal producers so far this year with a combined value of about USD 21.3 billion. They include Peabody Energy Corp and ArcelorMittal agreement last month to acquire Macarthur for AUD 3.64 billion. There were 70 deals worth about USD 16.4 billion in 2010.

Walter which also mines metallurgical coal in Canada rose 21% in New York trading on September 7 after the London based Times reported Anglo American Plc may consider a bid. Walter investor Audley Capital Advisors LLP said in July that company should explore a sale. Mr Lindsay said Teck isn't interested.

He said that "Two-thirds of the business is underground, long-wall o
perations. You've seen in their performance, the squeezes that they've had. Why would I want to get into that business?"

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China Shenhua Energy commercial coal output up 20pct in Aug

China Knowledge reported that China Shenhua Energy Co Ltd the country largest coal producer produced 27.3 million tonnes of commercial coal in August reflecting a YoY increase by 20.3%.

The Shanghai and Hong Kong listed firm commercial output swelled 26.2%YoY to 23.1 million tonnes. Coal sales amounted to 32 million tonnes up by 26.5%YoY.

Last month, the coal company sold 306 million tonnes of coal, 21.9% more than in August 2010. Of the total sales, 500,000 tons were exported plunging 44%YoY. In addition, China Shenhua Energy said its electricity output surged 34.6%YoY to 18,100 gigawatt hours in June and the firm power sales soared 34.6%YoY to 16,800 GWh in the month.

The Chinese coal producer reaped CNY 21.87 billion in net profit attributable
to shareholders in the first half of this year up by 16.1%YoY and its operating revenue for the first half surged 40.5%YoY to CNY 100.69 billion.
(Sourced from China Knowledge)

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