This Month In Coal - December 2017

Thiess Will Expand Sangatta in Indonesia

Thiess has been awarded a $300 million contract by Kaltim Prima Coal (KPC) to expand operations at the Sangatta coal mine in East Kalimantan, Indonesia. The contract will extend the current life-of-mine contract, increasing coal production at the Melawan pit by 12 million metric tons (mt) and overburden removal by 130 million bank cubic meters (bcm) over four years, until December 2021.

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CNX Resources Spins Off CONSOL Energy

CNX Resources Corp. (CNX), formerly named CONSOL Energy Inc., announced on November 29 that it has completed the spinoff of CONSOL Energy Inc., formerly named CONSOL Mining Corp. (CEIX), creating two publicly traded companies — a natural gas exploration and production company and a coal company.

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Peabody Completes Sale of Burton Mine To Lenton JV

Peabody Energy has completed the sale of the majority of its inactive Burton mine in Australia and its related infrastructure to the Lenton Joint Venture for approximately $11 million, subject to certain customary post-closing adjustments. In addition to the cash from the sale, the transaction reduces Peabody’s asset retirement obligation by approximately $41 million. The sale also provides for the release of approximately $30 million of restricted cash in support of such asset retirement obligation, which combined with the company’s recently announced revolving credit facility, is expected to free up approximately $300 million in cash.

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This Month In Coal - November 2017

MEC, Bowie Partner to Create Canyon Consolidated Resources

Murray Energy Corp. (MEC), Bowie Resource Partners, Javelin Global Commodities, and Grupo CLISA have agreed to form a strategic partnership called Canyon Consolidated Resources (CCR), which will produce approximately 13 million tons per year (t/y) and own 214.8 million tons of coal reserves.

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Gardner is Nominated to Lead OSM

U.S. President Donald Trump nominated Steven Gardner to be the director of the Office of Surface Mining, Reclamation and Enforcement (OSM) at the U.S. Department of the Interior. U.S. Secretary of the Interior Ryan Zinke hailed Gardner’s nomination.

“When confirmed, Steve will be an unbelievable asset to coal country and the entire team at the Department of the Interior,” said Secretary Zinke. “Steve is highly regarded in the mining industry for his extensive experience and insight.”

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SEC Files Complaint Against Rio Tinto Over RTCM

The U.S. Securities and Exchange Commission (SEC) filed a complaint in relation to Rio Tinto’s disclosures and timing of the impairment of Rio Tinto Coal Mozambique (RTCM). The impairment was reflected in Rio Tinto’s 2012 year-end accounts. Rio Tinto said it intends to defend itself against these allegations.

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This Month In Coal - October 2017

Whitehaven Posts Impressive Results

Whitehaven Coal, Australia’s leading independent coal company with five operating mines in northwest New South Wales, has reported a net profit after tax of $405.4 million for the fiscal year ending June 30. While costs had increased modestly to $58 per metric ton (mt), the company reported sales of $1.77 billion, up 52%.

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Paringa Breaks Ground on New Poplar Grove Mine

Paringa Resources Ltd., the newest entrant in the Illinois Basin (ILB) steam coal market, began construction in August on its 2.8-million-ton-per-year (t/y) Poplar Grove underground steam coal mine, the first of two deep mines planned by the Australian company for its extensive Buck Creek reserve in western Kentucky.

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This Month In Coal - September 2017

Cloud Peak Hosts EPA Administrator

Environmental Protection Agency (EPA) Administrator Scott Pruitt visited the Cloud Peak Energy’s headquarters in Broomfield, Colorado, last month to discuss the agency’s priorities and steps taken during the first six months of the administration and also to hear how the end of the former President Barack Obama administration’s “war on coal” has positively impacted coal jobs and the outlook for the industry.

Pruitt’s remarks focused on his efforts to return the rule of law to the EPA, to bring “a degree of humility” to governance, and to demonstrate that strong and effective environmental stewardship can be achieved without restricting economic growth or negating America’s energy advantage.

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Contura Withdraws IPO

Contura Energy has withdrawn the initial public offering (IPO) of its shares of common stock due to capital market conditions. The company’s principal selling stockholders unanimously determined that proceeding with the offering under current market conditions would undervalue the company.

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Glencore Acquires Interest in Hunter Valley Operations

Glencore has signed agreements with Yancoal Australia regarding the acquisition of a 49% interest in the Hunter Valley Operations (HVO) coal mine in New South Wales and forming a joint venture (JV) following Yancoal’s acquisition of Coal & Allied (C&A) from Rio Tinto.

Glencore will pay cash consideration of $1.139 billion plus a 27.9% share of $240 million non-contingent royalties over five years and 49% of price contingent royalties payable by Yancoal to Rio Tinto on production from HVO in respect of the C&A acquisition.

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