COAL MINES AND MINING – QUEENSLAND

Sumitomo deal wide of the mark

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Original article by Perry Williams
The Australian Financial Review – Page: 19 : 31-Jul-15

Australian-listed Stanmore Coal has paid just $A1 for the Isaac Plains coal mine in Queensland’s Bowen Basin. Japan-based Sumitomo had paid $A430m for Aquila Resources’ 50 per cent stake in the mine in 2011. The downturn in coal prices prompted joint owners Sumitomo and Vale to mothball the mine in September 2014 and put it on the market. Stanmore aims to resume production at Isaac Plains in the first six months of 2016.

CORPORATES
STANMORE COAL LIMITED – ASX SMR, AQUILA RESOURCES LIMITED, SUMITOMO CORPORATION, VALE SA, SHANGHAI BAOSTEEL GROUP CORPORATION, AURIZON HOLDINGS LIMITED – ASX AZJ

BHP coal venture to cut 700 jobs in Bowen Basin

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Original article by Sarah-Jane Tasker
The Australian – Page: 18 : 24-Sep-14

BHP Billiton’s joint venture with Mitsubishi will retrench 700 employees at its coal mines in central Queensland, amid continued weakness in the price of metallurgical coal. Dean Dalla Valle, the head of BHP Billiton’s global coal business, says the coal sector is likely to experience further upheaval in the next 12-18 months. Some 10,000 jobs have been shed in Australia’s coal mining industry in the last 12 months

CORPORATES
BHP BILLITON LIMITED – ASX BHP, BM ALLIANCE COAL OPERATIONS PTY LTD, MITSUBISHI CORPORATION

Hancock allows GVK more time

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Original article by Amanda Saunders
The Australian Financial Review – Page: 15 & 20 : 16-Sep-14

Hancock Prospecting has given Indian company GVK more time to make the final payment for coal projects in the Galilee Basin in Queensland. GVK bought the Kevin’s Corner and Alpha projects for $US1.26 billion in September 2011. It was due to make the last payment of $US560 million ($A622 million) on 16 September 2014. The extension is open-ended at present. Coal prices have fallen significantly since GVK bought the projects

CORPORATES
HANCOCK PROSPECTING PTY LTD, GVK POWER AND INFRASTRUCTURE LIMITED, QUEENSLAND. TREASURY, WARATAH COAL PTY LTD, AURIZON HOLDINGS LIMITED – ASX AZJ, MARKET FORCES PTY LTD

Tinkler skips out on Wilkie Creek

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Original article by Gretchen Friemann, James Chessell
The Australian Financial Review – Page: 15& 20 : 9-Jul-14

Businessman Nathan Tinkler has missed a payment on his $A150 million acquisition of the Wilkie Creek coal mine in Queensland. It is thought that Peabody Energy has granted an extension on the payment, which was due on 30 June 2014. However, uncertainty about Tinkler’s financial position has brought back the underbidders. Stanmore Coal offered nearly $A20 million, excluding liabilities, for the mine

CORPORATES
STANMORE COAL LIMITED – ASX SMR, PEABODY ENERGY CORPORATION, JEFFERIES AND COMPANY, LEUCADIA NATIONAL CORPORATION, PATINACK FARM PTY LTD, UBS AG, BENTLEY RESOURCES PTE LTD