Glencore Xstrata Plc, one of the world’s biggest mining companies, informed that its saw copper output climb staggering 18 percent in the first quarter as its assets in Congo increased significantly the production. Indeed, increased copper production in Africa certainly helped the company enjoy strong first-quarter performance as it seeks ways to expand.
On the 17th of January, Rio Tinto Plc, the world’s second largest mining company, informed that its chief executive officer Tom Albanese would resign because of a $14 billion write-down on the value of assets which he supervised. The impairment charge mainly is associated with the $38 billion takeover of Alcan Inc. and the $4 billion coal purchase in Mozambique.
On the 23rd of November, the board of Eurasian Natural Resources Corp. PLC, the multinational natural resources company, informed that it had widened functions of its chairman, Mehmet Dalman. The decision to extend his responsibilities comes as Miner ENRC struggles with boardroom misunderstandings and corporate governance controversies. Due to the extension of Mehmet Dalman’s responsibilities, ENRC CEO will be able to focus on company’s cost and operational efficiencies.
The board of Bumi Plc, one of world’s biggest thermal coal exporters, met in Singapore on the 11th of October to try to resolve internal disputes within the group as well as reverse the drop of the group’s share price. The meeting of the board, however, did not ended with pricking the bubble regarding the uncertain future of the company as analysts had anticipated. Instead, Bakrie family, which co-created the company with British-born financier Nat Rothschild, have proposed a “divorce” with Bumi Plc, offering to take back all Indonesian assets they brought almost two years ago.
Glencore International Plc‘s $34 billion takeover bid for miner Xstrata Plc is back on after the commodities trader decided to adjourn a shareholder meeting which had been expected to vote on the deal. The decision about postponing the meeting is said to be a sign that Glencore considers a change in its offer. Analysts are convinced that Glencore will increase its bid.
BHP Billiton, the biggest miner in the world, has shifted focus to the Queensland coal output, which it aims to increase by a rate of about 10 percent every year over the course of the following two years, leading to a possible offset of lower prices that it anticipates for the majority of its goods over the extended term.
On Tuesday millions of people all over India had to go without power as one of the worst blackouts the world has ever seen hit the country, trapping people working in mines, stranding hundreds of railway passengers and plunging entire hospital buildings into complete darkness when power grids broke down for the second consecutive time in just two days.
A leading South African thermal coal producer, the portfolio of Continental Coal Limited includes producing and advanced coal projects located in South Africa’s major coal fields. With two currently operating mines, Vlakvarkfontein and Ferreira, producing 2Mtpa of thermal coal for the export and domestic markets, Continental’s aim for 2011 is to develop two more thermal [...]
While the debt ceiling issue and the credit rating downgrade have been keeping the U.S under intense global scrutiny over the past few months, findings by the Energy Information Administration (EIA) that production of electricity from coal in the United States has dropped to its lowest ever in the last 30 years is definitely very [...]
With developing alternative sources of energy having become a top priority globally, especially with nuclear technology being looked at increasingly skeptically after the Japan disaster, we spoke to Ms. Elizabeth Dipuo Peters, the Energy Minister of South Africa, to find out where she thinks the future of South Africa’s Energy sector lies. Ms. Elizabeth Dipuo Peters [...]
Fuelling growth: Australia’s energy options Origin is the largest owner and developer of gas-fired power generation in Australia. Origin also produces renewable energy from wind farms. The total operating generation capacity of Origin’s power stations is currently 2,250 MW and this will be increased to 2,800 MW by the upcoming completion of the Mort Lake [...]
Kevin Crutchfield, CEO, Alpha Natural Resources Inc. said that Massey Energy Co. tops its list of companies to acquire this year. He strongly feels that Alpha’s step to agree to pay 21 percent premium for Massey energy based in Richmond, VA is completely worth it. What makes him think so is the fact that this [...]