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HMS Bergbau Locks in 3-Year Coal Forwards From South Africa

HMS Bergbau AG announced details regarding a three-year sales agreement with an international off-taker. Its subsidiary HMS Bergbau Africa (Pty) Ltd. will source the high-quality coal for export from the Usutu and Penumbra mines, both under ownership and management of the IchorCoal Group. The sale was concluded on the back of an existing exclusive marketing agreement with IchorCoal.

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Coal Prices Move Higher in Australia

Prices for Australian thermal coal from its Newcastle terminal, seen as the Asian benchmark, have increased more than 35% since mid-June highs of $70 a per metric ton (mt), Reuters reported. Increases in Chinese imports have pushed prices higher.

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WCA: IEA Reports Missed an Opportunity to Call for Investment in Clean Coal Technologies

The International Energy Agency’s (IEA) inaugural Status of Global Energy Investment report highlights coal investment growing by nearly a quarter in 2015, confirming the role of coal in energy generation. “Unfortunately, the report fails to substantially address the need for greater investment in HELE coal and CCS technology, both issues highlighted by the IEA’s Energy Technology Perspectives 2016 report,” said Benjamin Sporton, CEO, World Coal Association (WCA).

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China Cuts Coal Capacity

Local governments and state-owned firms in China have completed about one-third of the 2016 coal overcapacity reduction target in the first six months, with some regions still yet to take concrete action, Xinhua reported. The industry has cut 72 million metric tons (mt) in coal production capacity, or 29% of the 250-million-mt goal for the year.

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Poland Adjusts Mining Rescue Plan

The Polish government has tweaked its rescue plan for ailing coal miner KHW, according to the Warsaw Voice, and will now seek to transfer KHW assets, funds put forward by coal exporter Weglokoks, utility Enea and another, yet unknown, treasury firm into a new holding entity, Deputy Energy Minister Grzegorz Tobiszowski told reporters.

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