CIL production up, but profit before tax declinesOctober 6th, 2009 KOLKATA - Coal India Limited (CIL), the country's biggest miner, saw its gross profit dip by about 20 percent in the first half of the current fiscal despite a 9.9 percent leap in production, according to the figures it released Tuesday. CIL chairman Partha Bhattacharyya told mediapersons here that the profit before tax (PBT) during the period between April 1 and Sep 30, 2009, was Rs.36 billion as against Rs.44.84 billion in the corresponding period of the last fiscal.
Shares of coal mining companies fall as analyst forecasts diminishing China demandSeptember 23rd, 2009 Sector Snap: Coal miners fall on China demand viewDENVER — Shares of coal mining companies fell Wednesday after an analyst downgraded the sector, predicting China's demand has diminished as it has built an excess inventory of steel. Macquarie Research analyst Curt Woodworth downgraded the coal industry sector to "Neutral" from "Overweight."
He also revised ratings of several major producers because of a negative impact from China's slowing demand for metallurgical coal, which is used in steel manufacturing, and worsening conditions for thermal coal, used primarily for heating and generating electricity.
Cliffs raises 2009 production and sales volumes for North American iron ore and coalSeptember 11th, 2009 Cliffs boosts expectation for iron ore, coal salesCLEVELAND — Cliffs Natural Resources Inc. said Friday it will produce and sell more iron ore and coal this year than it had previously expected.
Demand growth for steel to cross 10 percent soon: Steel SecretaryAugust 25th, 2009 NEW DELHI - Steel Secretary P R Rastogi on Tuesday said that the growth in steel demand in the country would soon cross 10 percent, as soon as the effects of global economic slowdown would be over. Rastogi said this while addressing the third meeting of the Inter-Ministerial Group on Steel in the national capital.
Massey rehires miners as Asian steel markets show signs of recovering from recessionJuly 29th, 2009 Massey rehires miners to meet demand from AsiaCHARLESTON, W.Va. — Massey Energy Co.
Nine firms in race for lifting coal from abandoned minesJuly 28th, 2009 KOLKATA - Nine private players are in the race for extracting coal from 18 abandoned underground mines belonging to three subsidiaries of the state-run Coal India Ltd (CIL), according to a top official. CIL had received expressions of interest from 17 companies for developing the mines, which have a total reserve of around 1,647 million tonnes.
Coal shortage hits NTPC's power generationJuly 20th, 2009 NEW DELHI - Coal shortage is crippling the power production of state-run NTPC Ltd, which has reported a loss of 126 million units in generation between April and June this year, a union minister said here Monday. "NTPC's power stations at Farakka, Kahalgaon, Sipat, Talcher and Korba were affected due to shortage of coal supply," Minister of State for Power Bharatsinh Solanki told the Rajya Sabha.
Output of core industries up 2.8 percent in MayJune 30th, 2009 NEW DELHI - The composite index of India's six core industries logged a 2.8 percent expansion in May, down from 3.1 percent registered in the like month last year, official data showed Tuesday. The six core industries comprise crude oil, refined petroleum fuel, coal, electricity, cement and finished steel.
Government rules out coal price hikeJune 24th, 2009 KOLKATA - The government is not considering raising coal prices, coal minister Sriprakash Jaiswal said here Wednesday. "That is not our priority now," Jaiswal said when reporters bombarded him with queries on a possible increase rise in coal prices.
Coal India signs fuel supply agreement with NTPCMay 29th, 2009 KOLKATA - India's largest coal miner Coal India Friday inked a much-awaited fuel supply agreement (FSA) with power generation major NTPC Ltd. In the agreement both sides have settled for a 'trigger level' of 90 percent.
Coal producer Massey plans 6 pct average pay cut amid slumping coal pricesApril 29th, 2009 Massey plans pay cuts amid low coal demandCHARLESTON, W.Va. — Coal producer Massey Energy's shares are up more than 24 percent after it announced plans to slash wages and benefits for all employees about 6 percent in the face of declining demand and prices.
China Shenhua Energy says 1Q profit up 17.2 pct, helped by higher prices, stimulus spendingApril 28th, 2009 China Shenhua Energy's 1Q profit up 17.2 percentSHANGHAI — China Shenhua Energy Co., the country's biggest coal producer, said Tuesday its first-quarter profit rose 17.2 percent, supported by higher prices and a revival in demand thanks to the government's economic stimulus spending. Net profit for January-March was 7.94 billion yuan ($1.2 billion), compared with net profit of 6.8 billion yuan in the same period of 2008.
Output of core industries up 2.2 percent in FebruaryMarch 27th, 2009 NEW DELHI MA - Despite an 8.3 percent growth in cement production and 6 percent in coal output, the composite index for six core industries logged a mere 2 percent expansion in February, against 7 percent in the like month of last fiscal. Data released by the commerce and industry ministry Friday showed that the cumulative growth in the six core infrastructure industries was 3 percent for the first 11 months of this fiscal, against 5.8 percent for the corresponding period of last fiscal.
Fresh deposits for coal, iron ore found in ChhattisgarhFebruary 4th, 2009 RAIPUR - Mineral-rich Chhattisgarh has hit another goldmine: a fresh discovery of 90 million tonnes of coal and a little over 22 million tonnes of iron ore. 'Deposits of 50 million tonnes of coal have been found in Korba district and 40 million tonnes of coal in Raigarh district,' says the Economic Survey of the state government.
Efforts to get coal blocks in US, two other countriesDecember 25th, 2008 RANCHI - Efforts are going on to get coal blocks in three countries, including the US, said minister of state for coal Santosh Bagrodia here Friday. 'We are making efforts to get coal blocks in the United States, Indonesia and Mozambique.
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