Alberta Proposes Deal to Close Coal-fired Power Plants

The Alberta government might pay three coal power producers more than $1 billion over the next 14 years to compensate them for shutting down their plants early as part of its climate change agenda, the Calgary Herald reported. The province is nearing the end of negotiations over contract disputes that led to a controversial lawsuit, reaching three agreements with companies, two of which are tentative. Talks with a fourth player, Calgary-based public utility Enmax, are ongoing.

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North Korea Rejects UN Sanctions on Coal Exports

The United Nations Security Council has unanimously imposed sanctions on North Korea, placing a cap on the country’s coal exports in response to its nuclear tests. The new resolution demands that North Korea “abandon all nuclear weapons and existing nuclear programs” and takes aim at the state’s exports of coal, its top external revenue source. Under Resolution 2321, North Korea will be restricted from exporting more than 7.5 million metric tons (mt) of coal next year, a 62% reduction from 2015.

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Oyu Tolgoi Suspends Concentrate Shipments

Turquoise Hill Resources announced Oyu Tolgoi has suspended concentrate shipments to the Chinese border following a new requirement at the Chinese-Mongolian border to utilize one joint coal and concentrate crossing route. It was effective December 1. The new requirement has led to safety and security concerns as well as unreasonably long waiting times to cross the border.

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Teck Signs Agreement to Acquire AQM Copper

Teck Resources has entered into a definitive agreement to acquire the remaining interests in AQM Copper not already owned by Teck and its affiliates in a transaction valued at $C25 million. AQM’s principal asset is a 30% indirect interest in the Zafranal copper-gold project located in southern Peru, approximately 70 kilometers north of Arequipa. Teck holds a 50% indirect interest in the Zafranal project.

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