US coal industry’s cost cuts not enough to offset weak prices
Average sales margins for coal miners have fallen by about half since 2011, forcing three of the U.S.'s largest publicly traded producers to file for bankruptcy protection this year.
Average sales margins for coal miners have fallen by about half since 2011, forcing three of the U.S.'s largest publicly traded producers to file for bankruptcy protection this year.
The Vancouver-based miner blamed low commodity prices for the measure.
The largest synthetic crude oil processing facility in Canada is slowly recovering from a fire that damaged equipment and communication lines over the weekend.
The cash injection comes from selling half of its interest in the Porgera mining operation to the Chinese group last May.
The incident adds to the firm's mounting challenges, including swinging to a loss, growing debt, unplanned equipment outages and Moody’s Investors Service recent cut of the company's credit rating.
The Vancouver-based miner aims to produce 280,000 to 300,000 tonnes of the red metal a year, but commercial levels won't be reached until state power utility Zesco finish connecting the mine to the power grid.
The Northern Territory Chief Minister has threatened to close Glencore's McArthur River operation if the miner does not improve its environmental practices.
The miner has responded to deteriorating market conditions by slashing spending and cutting jobs, mostly at its North American operations.
The miners expect significant savings and environmental advantages by combining the two neighbouring projects, which are only 40 kilometres apart.
New South Wales planning authorities say a scaled-back plan to extend the life of Anglo’s Drayton South open-cut mine in the Hunter Valley can be approved, but with certain conditions.