Safety in the US mining industry has made significant progress over the decades. However, the early 2010 disaster in West Virginia was the worst since 1970 and will potentially have a significant impact on mine safety legislation, similar to the MINER Act of 2006, which was a response to the Sago Mine disaster and other mine fatalities in early 2006.
Generally, based on the historically elevated fatality rate, safety experts in the industry believe that the small mines have a relatively poor safety record as compared to the large mines; however, the results of a new study by the Society for Mining, Metallurgy, and Exploration indicate that the opposite is likely true.
The Courier-Journal reports the Kentucky surface coal mine where two workers were killed on Friday was cited earlier this year over the stability of a highwall.
The two workers were employed by a blasting crew and they were trapped in or near their truck by falling rock and earth. Several other miners at the site were injured by falling rock and debris. Armstrong, which began mining operations at Equality in the fall of 2010, utilizes two draglines and the truck-and-shovel mining methods. The mine has been closed pending an investigation.
Keystone XL should bring Canadian crude, which at the moment sells at a $30 discount, in line with global prices. At the same time a huge slice of the record profits announced this week by Chevron, ConocoPhillips and Exxon Mobil will we wiped out. Here's why.
An Australia-based coal-mining junior has struck a bargain to ship coal through Prince Rupert, BC.
Coalspur Mines (TSE:CPT, ASX:CPL) said Thursday it has reached a 14-year agreement to export thermal coal from its Vista project in Alberta through Ridley Terminals in Prince Rupert.
The news spiked the shares 5% on the Australian exchange Friday but caused less of a stir on the Toronto bourse, where Coalspur was down about half a percent as the trading day closed.
Rural communities in Queensland Australia are more than a little unhappy about state politicians and government agencies allowing mining firms like BHP to set up self-contained separate mining towns cut off from local communities or simply letting miners fly in and out without ever becoming part of local life.
As Occupy Wall Street protesters continue to linger around town squares across North America and Europe, precious metals commentator Peter Schiff wades into the maelstrom.
Teck Resources (TSE:TCK.B) posted strong third-quarter earnings and rewarded shareholders with a 33% dividend increase. However, the Vancouver-based diversified mining company also lowered its 2011 guidance for copper and coking coal, its principle export commodities.
Coal sales volume was lowered to 22.2 to 23 million tonnes (from 23.5 to 24.5 million) due to weakening steel markets. Teck blamed problems at its Quebrada Blanca operation in Chile for lower than expected copper volumes; 2011 copper sales guidance was lowered to 320,000 tonnes from 330,000 to 340,000t.
The company had a record quarter, increasing its third-quarter revenues to $3.4 billion from the same period in 2010 — a 40% increase. Adjusted earnings were $742 million compared to $452 million in Q3 of last year.
After sensing that Europe's economic tailspin may have been halted, the markets and commodities opened higher.
The S&P/TSX Composite index was up 2%, and the Dow Jones-UBS Commodity Index was up 1.59%.
Spot gold was largely unchanged from yesterday's price at $1725/oz.
Oil was up sharply. ICE North Sea Brent crude was up three percent to $112.23 a barrel, and the Dow Jones U.S. Oil & Gas Index was up 2.45%