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Vale Mozambique Coal Mine is 75% Complete |
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Thursday, 26 August 2010 15:28 |
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According to Bloomberg, Vale SA has completed 75% of work needed to start production at its Moatize coal mine in northwestern Mozambique. Vale has invested US$719 million of the planned US$1.3 billion it targeted for the southern African nation for the coal mining concession acquired in 2004.
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Adani Enterprises to Buy Coal Mine from Linc Energy |
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Thursday, 26 August 2010 15:27 |
Adani Enterprises is close to acquiring a coal mine for $1 billion in Queensland, Australia, from Linc Energy. The coal block is expected to have reserves of 7 to 8 billion metric tons (mt). According to Economic Times, Adani was expected to give the first tranche of $435 million during July. The rest of the payment will be made over the next few months. Adani Enterprises will invest in the project and aims to produce more than 50 million mt of coal in the next three to four years.
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Mina Invierno to Reduce Chile’s Dependence on Imports |
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Thursday, 26 August 2010 15:27 |
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Minera Isla Riesco’s Mina Invierno coal project will substantially reduce Chile’s dependence on international markets by replacing close to 30% of current coal imports with local production, according to BNamericas. Chile currently imports 94% of coal used in power generation. Construction costs for Mina Invierno, located in southern region XII, are estimated at $180 million for an open-pit operation to produce 6 million metric tons per year (mtpy) of sub-bituminous coal over a 12-year mine life, based on current reserves of 73 million mt.
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Marubeni Signs Deal with Chinese Coal Importer |
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Thursday, 26 August 2010 15:27 |
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Marubeni Corp. will begin supplying coking coal from Australia and Canada to China under a long-term sales agreement with China’s largest coal importer. According to The Nikkei, under the recently concluded five-year deal with Winsway Coking Coal Holdings Ltd., Marubeni will export around 2 million metric tons (mt) to China annually. The new agreement gives it a long-term supply framework. The Chinese company imported around 8 million mt of coking coal in 2009, including most Mongolian coal shipped to China.
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Shenhua Group & Sasol Close to CTL Poject Deal |
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Thursday, 26 August 2010 15:26 |
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China Shenhua Group and South Africa-based Sasol are close to agreeing on a joint venture for a coal to oil project with a total investment of US$8 billion to US$10 billion in the Ningxia Hui Autonomous Region, Shanghai Daily reported. Both sides are close to signing an agreement after having had several rounds of discussion on the project in northwest China’s Ningxia region.
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