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Seth Feaster
Overseas demand, high prices and climate issues give Teck cover for met coal exit
Teck Resources, the Canada-based copper, zinc and coal mining company that is one of the biggest exporters of steelmaking coal in the world, is considering selling or spinning off its metallurgical coal operations, according to a Sept. 14 Bloomberg report. Any divestment of its big coal mines in British Columbia could be a signal that […]
Seth Feaster and Karl Cates
Foreign thermal and metallurgical markets, fickle by nature, don’t account for much to begin with
Data published last week by S&P Global Market Intelligence shows U.S. coal exports fell by 28.1% in the fourth quarter of 2019 compared to the fourth quarter of 2018. That headline number was underscored by an S&P estimate that exports from the Illinois Basin (Illinois, Indiana and western Kentucky) had fallen by 58.7% year-over-year, a […]
IEEFA
Bloomberg: U.S. miner Contura Energy Inc.’s $800 million bet on international coal markets is souring. In November 2018, when Contura bought Alpha Natural Resources and became America’s biggest supplier of metallurgical coal, global prices for the fuel were climbing — bolstered by demand, particularly in China. Since then, trade tensions have escalated, curbing purchases of […]
IEEFA
AP: A federal judge on Friday approved a bidding process for mines owned by bankrupt coal operator Blackjewel LLC. U.S. Bankruptcy Judge Frank Volk in Charleston agreed with a motion by Blackjewel on a proposal made by Bristol, Tennessee-based Contura Energy. Contura has offered $20.6 million as the stalking horse bidder for three mines owned […]
IEEFA
S&P Global Market Intelligence ($): Contura Energy Inc. will serve as the stalking horse bidder for the bankruptcy sale of Blackjewel LLC’s western coal assets through a $20.6 million offer that includes a cash deposit to allow the company to restart operations that were idled after initial attempts to fund the bankruptcy fell through. Contura […]
Seth Feaster
Companies in turmoil; workers and communities are paying the price; power plants face supply disruptions
The way America generates its electricity has been shifting away from coal for a decade, as the falling cost of wind, solar and gas have taken market share at an accelerating rate. The way the coal mining industry is structured, however, has changed very little, even as domestic consumption fell by more than 400 million […]
IEEFA
Casper Star Tribune: Two coal mines in Wyoming closed and sent 700 workers home Monday afternoon after their owner filed for bankruptcy, the latest blow to a region that has been battered by an economic downturn in the fossil fuel sector. Blackjewel LLC, which operates Eagle Butte and Belle Ayr mines near Gillette, sent the […]
IEEFA
Casper Star Tribune: Cloud Peak Energy, the coal giant that operates two Wyoming mines, filed for bankruptcy Friday amid mounting debt and declining demand. The filing follows months of troubling signs for the Powder River Basin operator, which for a time avoided the economic difficulties of its competitors but had of late experienced growing financial […]
IEEFA
Colorado Public Radio: One of the oldest coal companies in the U.S. said Monday it expects to emerge from bankruptcy in coming weeks after a judge approved a plan that will keep its mines running in Montana, New Mexico and several other states and Canadian provinces. Westmoreland Coal Co. will keep its name but get […]
IEEFA
S&P Global Market Intelligence ($): Total U.S. coal production fell for the third quarter in a row, according to an analysis of the most recent federal data. Coal producers reported output of 180.8 million tons in the second quarter of 2018, down 3.7% from 187.6 million tons in the first quarter and 187.1 million tons […]
IEEFA U.S. Coal Outlook 2017: Short-Term Gains Muted by Prevailing Weaknesses in Fundamentals
Production Declining by as Much as 40 Million Tons; Prices Failing to Benefit Shareholders or Stimulate New Investment; Anemic Exports; Little or No Gain From Regulatory Relief; Increasingly Dim Employment ProspectsWe’re out this morning with our annual outlook for U.S. coal markets, and the picture isn’t pretty. We see the potential for some short-lived strength in the current uptick for coal producers but the title of our assessment sums up the larger view: “Short-Term Gains Will Be Muted by Prevailing Weaknesses in Fundamentals.” You can […]