Teck Resources posts better-than-expected profit as costs drop

South Africa’s state-owned African Exploration, Mining and Finance Corp. said it will start producing 800,000 metric tons of coal annually for domestic electricity provider Eskom Holdings Ltd. by June, Bloomberg News is reporting: The company, jointly controlled by the government’s energy and mining ministries, will spend 130 million rand ($18.5 million) building a coal mine in Vlakfontein, about 80 kilometers east of Johannesburg, Chief Executive Officer Sizwe Madondo said at the site today. Production will be increased to 1.68 million tons, with the option of boosting it further to 3 million tons annually, he told hundreds of local residents.

The two mines, Blair Athol and Kestrel have been under force majeure since late December, after severe flooding in Queensland.

SA President Jacob Zuma and Mines Minister  Susan Shabangu are expected to preside over the official launch of the African Exploration Mining […]

The group announced better-than-expected results for the year on the back of higher prices and said it remains positive about the outlook for commodities markets. Anglo American (AAL.L: Quote) (AGLJ.J:Quote), the world's fourth-largest diversified miner,

The Anglo-Australian company wants to benefit from higher prices for steel-making coal, the business daily said, adding steelmakers oppose the switch, fearing frequent price changes would make production costs more volatile.

The Australian miner said annual sales could fall by around a fifth as a result of the heavy flooding that in the country that affected some of its collieries Australian miner Macarthur Coal's annual sales could fall by around a fifth

The Obama Administration has called for a hardrock mining royalty and a new hardrock AML fee, along with other fees and tax […]

Vancouver-based Western Coal, which has agreed to a C$3,3-billion takeover by rival Walter Energy, is seeing improvements in the logistics systems it […]

Teck Resources, the second-biggest producer of seaborne hard-coking coal, expects markets for the steelmaking ingredient will remain tight this year, CEO Don Lindsay […]