Lanco termination of coal supply pact wrong - Perdaman

After Lanco Infratech announced recently the formal termination of coal supply pact with the company, Australia's Perdaman Industries termed the Indian group's move as "wrongful".

Perdaman in a statement said that "Immediately upon receipt of the purported notice of termination Perdaman gave notice to Griffin Coal and Lanco that the purported termination was wrongful and a further breach of the Coal Supply Agreement (CSA) by Griffin.”

Amid the two companies locked in a AUD 3.5 billion legal tussle in Australia, Griffin Coal a subsidiary of Lanco has terminated the coal supply agreement with Perdaman Chemicals and Fertilizers.

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Metso increase growth and stronger global market position

Metso Corporation’s Board of Directors has decided to modify the company’s business structure in order to more effectively reach the company’s future business targets.

According to the decision, Metso’s Power business, which is presently part of Energy and Environmental Technology segment, will be integrated with Paper and Fiber Technology segment. Recycling business, also currently part of Energy and Environmental Technology, will be managed as a separate entity and Metso will review other strategic alternatives for it.

Mr Matti Kähkönen CEO of Metso said that “Our order book is currently at the record high level giving us good backbone for further development. To ensure continued profitable growth and value creation of Metso, and to gain the critical size needed to be competitive, we have made decisions to sharpen our business portfolio. We are focusing on businesses in which we can have a strong global market position and in which services and technology close to the customers are decisive competitive advantages. Short and long term value creation through growth and profitability development has been the major factor in selecting the way forward. Additionally, with this decision, we aim to increase the simplicity and transparency of Metso’s businesses.”

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Titan Iron Ore commences geological program at Labrador Trough Property

Titan Iron Ore Corp announced that it has begun a geological reconnaissance survey of its Titan Trough project in northern Quebec, Canada.

This property currently consists of two claim blocks consisting of 202 claims totaling approximately 22,000 acres. Titan's claims overlay a strong and pronounced geophysical magnetic anomaly typical of the iron formations of the Labrador Trough in which it is located. The areas under claim stretch over a North South axis of more than 40 miles and are from 3 to 6 miles wide in an East West direction.

The Company has contracted with Peter Bambic, a professional geologist with more than 30 years experience in this environment, to conduct the survey on the Company's behalf. In order to cover the maximum amount of ground and to provide access to all of the Company's property, the work will be supported by helicopter temporarily based at the town of Kuujjuaq on the shores of Ungava Bay. Traverses and survey lines will be run across the strike of the anomaly at points selected to coincide with magnetic highs. Geologic structures will be mapped and recorded and samples gathered for later analysis at SGS laboratory at Lakefield, Ontario.

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Dynegy takes full ownership of coal holding co

Reuters reported that Independent power producer Dynegy Inc has bought Dynegy Coal Holdco, the indirect parent of its coal fueled unit a division it had recently formed as a part of its debt restructuring process.

The value of Dynegy equity stake in Coal Holdco is USD 1.25 billion including debt. Dynegy bought the ownership of Coal Holdco from its former direct parent Dynegy Gas Investments.

Dynegy in August completed a USD 1.7 billion debt restructuring deal and separated its coal fueled and gas fueled units to help pay off maturing debt. The refinancing comprised a USD 1.1 billion loan to its gas unit Dynegy Power and a USD 600 million loan to its coal unit.

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CTCI Corporation: MHI receives order for 3 coals fired supercritical power generation units

Mitsubishi Heavy Industries Ltd jointly with CTCI Corporation, the largest engineering, procurement and construction firm in Taiwan has received a full-turnkey order from Taiwan Power Company for a project to construct three coal-fired supercritical-pressure power generation units Units 1, 2 and 3 at 800 megawatts each at Taipower Linkou Thermal Power Plant.

The project calls for the construction of three power generation units to replace existing facilities at the plant, based on Taiwan's energy source development plan. Units 1 and 2 are scheduled to commence commercial operation in November 2015 and November 2016, respectively unit 3 is slated to go on-stream in November 2020. Mitsubishi Corporation will handle the trade particulars.Read More

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