Navajo shuts down Spring Creek coal mine over sovereign immunity dispute

The slump in the coal market has claimed another victim.

The small Turkish town of Soma, near the Aegean Sea, was once better known for its spartan houses and quaint surrounding farmland. But ever since 301 miners died last year in a nearby coal mine explosion and fire that changed.

A fresh survey of mining industry leaders is predicting more mine closures and job cuts as the prices of commodities like iron ore and coal decline.

As 85% of Chinese thermal coal producers and 35% of miners focused on the metallurgical kind are now running at a loss.

The spending decline comes as U.S. coal miners struggle to clear hurdles on the federal level, including both newly proposed measures and regulations already being implemented.

ICVL wants boost annual production at its Benga mine from 5.3 million tonnes to 13 million tonnes in the next five years.

Teck Resources Ltd. (TSX:TCK.B)(NYSE:TCK) reported increased profit in 2015’s second quarter but as commodity prices slide, the company sees a greater risk of its credit rating being demoted from investment-grade.

“It is a pretty tough market,” said Chief Executive Mark Cutifani, “and in all likelihood the next six months are going to be even tougher.”

Study shows half of a mining project's value can be lost due to permitting delays.