Tag: coal mining

Stanmore Coal: A record high

Stanmore Coal: A record high

Stanmore Coal has had great success with its pivot to Isaac Plains East operations in Queensland’s Bowen Basin, and looks set for a strong finish for 2019 with a solid toehold in the metallurgical coal market into 2020 and beyond. STANMORE Coal has reaped the financial rewards this year from its transition from the original Isaac Plains mine to Isaac Plains East in 2018. Chairman Stuart Bute said that favourable conditions and lower strip ratios at the new mine helped the company achieve an improved mix of coking and thermal coals, reduce production costs and increased sales prices and margins. “The company’s revenue from operations totalled a new record of $403.1m, an increase of 93pc on the previous year,” Mr...

Queensland’s new $1b coal mine

Queensland’s new $1b coal mine

THE Qld Department of Environment and Science has granted Pembroke Resources environmental authority (EA) for its 100pc owned Olive Downs coal project in Central Queensland. The EA authorises the activities for Olive Downs’ 79-year mine life, and provides the conditions for the operation of the mine. The 813mt open cut JORC resource holds a 2bt underground target, with 514mt open cut JORC reserves, and is a similar size to Adani’s Carmichael mine. Pembroke said that 90pc of the coal would be used for steelmaking. Pembroke chief executive, Barry Tudor, said the company was “looking forward to Federal Government approval under the Environment Protection and Biodiversity Conservation Act, and the granting of a mining lease so that it can begin construction”....

Production payoff for big spender Yancoal

Production payoff for big spender Yancoal

A map of Yancoal’s Mount Thorley Warkworth operation. Image: Yancoal. BY REUBEN ADAMS YANCOAL’S Australian thermal coal sales surged 123 per cent year-on-year in the March quarter, as it enjoys its second quarter of full output from the newly purchased $US2.9 billion Coal and Allied assets. Yancoal, now Australia’s largest independent coal producer, saw equity share of thermal coal sales from its Australian mines jump to 6.97mt from 3.12mt in the year ago period, but still down by 14 per cent from the December quarter. Its equity share of metallurgical coal sales volumes of 2.25mt was a 19 per cent increase on the year prior. In NSW, Moolarben saleable coal production was up 53 per cent on...

Yancoal: Transformative acquisition

Yancoal: Transformative acquisition

By Reuben Adams YANCOAL Australia will become one of Australia’s largest pure-play coal producers if its $US2.45 billion purchase of Rio Tinto’s Coal & Allied goes forward. 78 per cent-owned by Chinese State-owned Yanzhou Coal Mining Co, Yancoal Australia currently produces thermal and metallurgical coal each year for export, operating four sites and managing five others across NSW, Queensland and WA. After a healthy 2012, when it posted profits of $404.6m, Yancoal has struggled along with the rest of its coal industry peers – posting annual losses of $832m (2013), $353.5m (2014), $291.2m (2015), and most recently $227.1m (2016). Yet there could be light at the end of the tunnel; Yancoal is looking to snap its losing streak on the...