Bloomberg reported that Australian mining companies are producing and exporting coal at a loss due to take-or-pay contracts with freight companies.Losses from exporting coal at current low prices are much less than what it would cost to default on the freight agreements.
Articles Tagged "Rio Tinto"
Reuters reported today that Rio Tinto (ASX:RIO,NYSE:RIO) lost an appeal to the Australian Supreme Court to expand its Warkworth coal mine in New South Wales, Australia. Managing Director Chris Salisbury told Reuters that Rio Tinto will submit a revised plan for the mine that will include funding for woodland and employment programs and a 1,800 hectare National Park.
Bloomberg reported that Rio Tinto plc's (LSE:RIO,ASX:RIO,NYSE:RIO) attributable thermal coal production came to 26.8 million metric tons in 2013. That's a record as well as a 12-percent increase from the previous year.
It may be time to take a closer look at Denison Mines.
It's been a rough week for Rio Tinto, and it looks like the unexpected supply halts are taking a chunk out of uranium supply going forward.
Mineweb reported that attendees of the Coaltrans Mozambique conference were told that the country's major coal producers, such as Rio Tinto plc (ASX:RIO,LSE:RIO,NYSE:RIO) and Vale SA (NYSE:VALE), need to decrease their logistics costs in order to become profitable.
Reuters reported that Rio Tinto plc (ASX:RIO,LSE:RIO,NYSE:RIO) will be selling its 50.1-percent stake in the Queensland-based Clermont thermal coal mine to Glencore Xstrata plc (LSE:GLEN) and Sumitomo Corp. (TSE:8053) for $1.015 billion in cash.
A new trade agreement between Canada and the EU is akin to a "new day" for Canada's uranium industry.
Linc Energy Ltd. (ASX:LNC,OTCQX:LNCGY) announced that New Emerald Coal Ltd., its 100-percent-owned subsidiary, has entered into a sale and purchase agreement under which it will acquire the Blair Athol coal mine from BACJV, a joint venture between Rio Tinto Coal Australia, Leichhardt Coal Pty Ltd., JCD Australia Pty Ltd. and J-Power.
The Wall Street Journal reported that talks regarding the sale of Rio Tinto plc's (ASX:RIO,LSE:RIO,NYSE:RIO) stake in the Queensland-based Clermont coal mine have stalled after bids from three different companies did not meet the mining giant's expectations.