WiseTech shares soar after the CEO of WiseTech takes on a new role.
Australian shares rose Friday, with mining and technology stocks leading the way. WiseTech surged after its former CEO moved into a consultant role, and Whitehaven Coal soared on higher-than-expected quarter output. As of 2347 GMT, the S&P/ASX 200 rose 0.3% to 8231.3.
Vitol Invests in Coal-to-oil Venture as Shipping Fuel Rules Loom
Energy trader Vitol and coal miner Peabody Energy are partnering with start-up Arq to turn coal waste into a low-sulphur oil product that could be an alternative fuel for shippers as new U.N. pollution rules loom, the companies said in a statement.Global oil and shipping…
Bankrupt Breitburn Rebuffs $1.8 bln Bid
U.S. oil and gas producer Breitburn Energy Partners LP, which has been in bankruptcy since 2016, does not plan to pursue an unsolicited $1.8 billion cash offer from Lime Rock Resources, according to court filings. The offer from Houston-based Lime Rock, which invests in oil-and-gas properties…
China Shenhua's H1 Profit Highest in 4 Years
BEIJING, Aug 25 (Reuters) - China's top coal miner China Shenhua Energy Co Ltd on Friday delivered its strongest interim results in four years on the back of soaring coal prices. Shenhua's net income rose 147.4 percent from the same period last year to 24.3 billion yuan ($3.65 billion) under China accounting standards…
The Energy Patch: where rights offerings are "sexy" again
Energy businesses that are trying to exit bankruptcy are finding a saviour in some of their own creditors, which have been scooping up newly issued stock from the companies at hefty discounts. More than a dozen so-called rights offerings have raised billions of dollars over the past 18 months…
Peabody Makes Fresh U.S. Stock Debut After Bankruptcy Exit
U.S. coal miner Peabody Energy Corp returned to the New York Stock Exchange on Tuesday after emerging from a year-long $8 billion Chapter 11 bankruptcy with far less debt and an industry champion in the White House. Shares in Peabody, the world's largest private-sector coal producer…
Peabody Energy Emerges from Bankruptcy
U.S. coal miner Peabody Energy Corp said it had emerged from Chapter 11 protection and was expected to begin trading on the New York Stock Exchange on Tuesday under the ticker symbol BTU. The largest U.S. coal producer filed for bankruptcy protection in April 2016, after…
U.S. Coal Miner Peabody eyes April Bankruptcy Exit
Peabody Energy Corp , the world's largest private sector coal producer, said on Thursday it expects to exit its Chapter 11 bankruptcy in early April after a U.S. judge said he would approve its plan to slash over $5 billion of debt. U.S. Bankruptcy Judge Barry Schermer…
Coal Shortfall Buoys Miner Bottom Line
Coal prices have surged, topping oil, LNG, copper gains in 2016. Many a swan song has been sung for thermal coal markets as renewable power generation and a push towards using more natural gas have gained traction. Yet a coal price spike last year, driven by a Chinese change in regulation that capped local mining operations…
Arch Coal Bullish on Trump Regulatory Promises
Arch Coal Inc, which emerged from bankruptcy in October, said U.S. President Donald Trump's administration should prove to be positive for its coal businesses. The coal miner also said revenue rose 4.6 percent to $575.7 million in the fourth quarter ended Dec. 31 from the third…
Coal Miner: Smaller Than Expected Loss in '16
Poland's biggest coal producer, state-run PGG, made a smaller than expected net loss of around 300 million zlotys ($73 million) in 2016, deputy energy minister Grzegorz Tobiszowski said on Monday. * "We initially estimate that the loss stood at around 300 million zlotys compared to the planned 370 million…
Peabody Extends Financing Deadlines after Creditor Lawsuit
Peabody Energy Corp said on Thursday the deadline for creditors to join financing deals aimed at bringing the largest U.S. coal miner out of bankruptcy had been extended after large investors sued to slow the process. Last week, Peabody unveiled its plan to eliminate more…
Coal: One of 2016's Hottest Commodities
Less than a year after the coal industry was declared to be in terminal decline, the fossil fuel has staged its steepest price rally in over half a decade, making it one of the hottest major commodities. Cargo prices for Australian thermal coal from its Newcastle terminal…
Bankrupt Coal Miner Peabody's Business Plan gets Nod
U.S. coal miner Peabody Energy Corp said its business plan was approved by its debtor-in-possession lenders, clearing the first step towards emerging from Chapter 11 bankruptcy. The company said on Wednesday it would also review its assets in Australia to run a "smaller but more profitable" business in the country.
Bankrupt Wyoming Coal Giant Turns to Grass
A squad of about ten Peabody Energy Corp. miners clad in steel-toed boots and hard hats climbed into massive bulldozers on a recent morning, ready to create rolling hills of grass over former pits at the Rawhide coal mine in Wyoming. In the midst of a deep coal downturn and widespread layoffs…
Poland's PGNiG Has No Plans to Buy More Coal Assets
Poland's state-run gas firm PGNiG does not envisage further acquisitions in the troubled coal mining industry, the head of PGNiG Termika unit, Wojciech Dabrowski, said on Thursday. "When it comes to coal mining assets we do not envisage further acquisitions," Dabrowski…
Poland feels the pain of its love affair with coal
For generations, the region of Silesia has been at the heart of Poland's love affair with coal as a source of pride and heroism. Election to Poland's top job has depended on maintaining coal's special national status and Prime Minister Beata Szydlo, a coal miner's daughter from Silesia…
Thai Banpu to invest $170 mln in Solar Power
Banpu Pcl, Thailand's largest coal miner, said on Friday it planned to invest $170 million in solar power in Japan, as part of plan to boost capacity of renewable energy to 800 megawatts (MW) by 2025. Banpu, which has diversified into the power business to minimise the impact from weak coal prices…
Peabody Energy Cutting 235 in Powder River Basin
Peabody Energy Corp, the largest U.S. coal producer, said it would lay off about 235 employees at a mine in the Powder River basin, two weeks after the company flagged bankruptcy risk. The reductions affect about 15 percent of the workforce at the North Antelope Rochelle mine in the basin straddling Montana and Wyoming…
Work On Indonesian Thermal power plant to Start
The construction of a $4 billion, 2,000-megawatt coal-fired power station in Indonesia will begin on April 1 after years of delay as land acquisitions are finally complete, Japan's Nikkei business daily said on Sunday. PT Bhimasena Power Indonesia, a joint venture set…
