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AFTER PLANNED KIRIN SALE, SAN MIGUEL EYES MORE UTILITIES (Philippines)

Posted by Gilmour Poincaree on January 20, 2009

12:46:00 01/20/2009

Agence France-Presse

PUBLISHED BY ‘THE PHILIPPINE DAILY INQUIRER’

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE PHILIPPINE DAILY INQUIRER’

Posted in ALCOHOLIC BEVERAGES, BANKING SYSTEMS, BEVERAGES, COAL, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOOD PRODUCTION (human), INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, MINING INDUSTRIES, PHILIPPINES, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF THE PUBLIC SECTOR, THE FLOW OF INVESTMENTS | Leave a Comment »

FALSE ECONOMY (South Africa)

Posted by Gilmour Poincaree on January 19, 2009

19 January 2009

Business Day

PUBLISHED BY ‘BUSINESS DAY’ (South Africa)

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PUBLISHED BY ‘BUSINESS DAY’ (South Africa)

Posted in AEOLIC, BANKING SYSTEMS, COAL, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, ENVIRONMENT, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, GLOBAL WARMING, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, MACROECONOMY, MINING INDUSTRIES, POLLUTION, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR, SOUTH AFRICA, THE FLOW OF INVESTMENTS | Leave a Comment »

CHINA TESTS HIGH-TECH POWER SYSTEM

Posted by Gilmour Poincaree on January 17, 2009

January 16, 2009, 8:28 P.M. ET

by Shai Oster

PUBLISHED BY ‘THE WALL STREET JOURNAL’

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PUBLISHED BY ‘THE WALL STREET JOURNAL’

Posted in CHINA, COAL, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, ENVIRONMENT, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, GLOBAL WARMING, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, MINING INDUSTRIES, POLLUTION, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, RESTRUCTURING OF THE PUBLIC SECTOR, THE FLOW OF INVESTMENTS | 3 Comments »

VILLAGE MAIN PONDERS COAL INVESTMENT (South Africa)

Posted by Gilmour Poincaree on January 14, 2009

14 January 2009

by Charlotte Mathews – Resources Editor

PUBLISHED BY ‘BUSINESS DAY’ (South Africa)

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PUBLISHED BY ‘BUSINESS DAY’ (South Africa)

Posted in BANKING SYSTEMS, COAL, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, ENVIRONMENT, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, GLOBAL WARMING, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, MINING INDUSTRIES, POLLUTION, RECESSION, SOUTH AFRICA, THE FLOW OF INVESTMENTS | 1 Comment »

COAL-FIRED POWER PLANTS: MEETING TO CONSIDER THREE INVESTMENT PROPOSALS (Pakistan)

Posted by Gilmour Poincaree on January 11, 2009

Sunday, 11 Jan, 2009 – 07:01 AM PST

by Sabihuddin Ghausi

PUBLISHED BY ‘DAWN’ (Pakistan)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘DAWN’ (Pakistan)

Posted in COAL, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, ENVIRONMENT, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, GLOBAL WARMING, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, MINING INDUSTRIES, PAKISTAN, POLLUTION, RECESSION, THE FLOW OF INVESTMENTS | Leave a Comment »

COAL-FIRED POWER PLANTS MAY BE CLOSE AT HAND – THE SINDH COAL ENERGY BOARD, HEADED BY CHIEF MINISTER SYED QAIM ALI SHAH, IS HOLDING ITS CRUCIAL MEETING ON TUESDAY (JANUARY 13) TO CONSIDER THREE INVESTMENT PROPOSALS FOR COAL-MINING AND SETTING UP OF COAL-FIRED ELECTRIC POWER GENERATION PLANTS

Posted by Gilmour Poincaree on January 11, 2009

Sunday, 11 Jan, 2009 – 02:13 PM PST

by Sabihuddin Ghausi

PUBLISHED BY ‘DAWN’ (Pakistan)

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PUBLISHED BY ‘DAWN’ (Pakistan)

Posted in COAL, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, ENVIRONMENT, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, GLOBAL WARMING, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, MINING INDUSTRIES, PAKISTAN, POLLUTION, RECESSION, THE FLOW OF INVESTMENTS | Leave a Comment »

COAL ‘RAW SITES’ IDENTIFIED (Pakistan)

Posted by Gilmour Poincaree on January 9, 2009

January 08, 2009 Thursday – Muharram 10, 1430

by our Reporter

PUBLISHED BY ‘DAWN’ (Pakistan)

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PUBLISHED BY ‘DAWN’ (Pakistan)

Posted in COAL, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, MINING INDUSTRIES, PHILIPPINES, RECESSION, THE FLOW OF INVESTMENTS | Leave a Comment »

VALE COMPRA MINAS DE CARVÃO NA COLÔMBIA (Brazil)

Posted by Gilmour Poincaree on December 26, 2008

24 de Dezembro de 2008 – 03:11

Agência Estado

PUBLISHED BY ‘PORTAL EXAME’ (Brazil)

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PUBLISHED BY ‘PORTAL EXAME’ (Brazil)

Posted in AS INDÚSTRIAS DE MINERAÇÃO, BRASIL, COAL, COLOMBIA, COMMODITIES MARKET, ECONOMIA - BRASIL, ECONOMIC CONJUNCTURE, ECONOMY, EXPANSÃO ECONÔMICA, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FLUXO DE CAPITAIS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, MINING INDUSTRIES, RECESSION, RELAÇÕES COMERCIAIS INTERNACIONAIS - BRASIL, THE FLOW OF INVESTMENTS | Leave a Comment »

GMR BULLISH ON POWER; PLANS TO BUY COAL MINE IN INDONESIA (India)

Posted by Gilmour Poincaree on December 20, 2008

19 Dec 2008, 1318 hrs IST, PTI

by OGJ Editors

PUBLISHED BY ‘OIL & GAS’

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PUBLISHED BY ‘THE ECONOMICS TIMES’ (India)

Posted in BANKING SYSTEMS, COAL, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, INDIA, INDUSTRIAL PRODUCTION, INDUSTRIES, RECESSION | Leave a Comment »

CHINA TO ISSUE HALF OF 09 COAL EXPORT QUOTAS-TRADE

Posted by Gilmour Poincaree on December 17, 2008

16 Dec 2008, 09:56 hrs IST

Reuters

PUBLISHED BY ‘THE ECONOMIC TIMES’ (India)

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PUBLISHED BY ‘THE ECONOMIC TIMES’ (India)

Posted in CHINA, COAL, COMMERCE, COMMODITIES MARKET, ECONOMY, INDUSTRIES, INTERNATIONAL, MINING INDUSTRIES | Leave a Comment »

XSTRATA SHUTS HALF OF AUSTRALIA COKING COAL MINE

Posted by Gilmour Poincaree on December 16, 2008

16 Dec 2008, 10:03 hrs IST

REUTERS

PUBLISHED BY ‘THE ECONOMIC TIMES’ (India)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE ECONOMIC TIMES’ (India)

Posted in AUSTRALIA, COAL, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INDUSTRIES, MINING INDUSTRIES, RECESSION | Leave a Comment »

WHITE HOUSE SHIFT ON COAL-MINING RULES ANGERS ENVIRONMENTALISTS

Posted by Gilmour Poincaree on December 15, 2008

Published: December 3, 2008

by Robert Pear and Felicity Barringer

PUBLISHED BY ‘THE INTERNATIONAL HERALD TRIBUNE’ (USA)

WASHINGTON: The White House has approved a final rule that will make it easier for coal companies to dump rock and dirt from mountaintop mining operations into nearby streams and valleys.

The rule is one of the most contentious of all the regulations emerging from the White House in President George W. Bush’s last weeks in office.

James Connaughton, chairman of the White House Council on Environmental Quality, confirmed in an interview Tuesday that the rule had been approved by the White House Office of Management and Budget. That clears the way for publication in the Federal Register, the last stage in the rule-making process.

Stephen Johnson, administrator of the Environmental Protection Agency, concurred in the rule, first proposed nearly five years ago by the Interior Department, which regulates coal mining.

In a letter to Interior Secretary Dirk Kempthorne, dated Tuesday, Johnson said the rule had been revised to protect fish, wildlife and streams. Mining activities must comply with water quality standards established by the federal government and the states, Johnson said.

But a coalition of environmental groups said the rule would accelerate “the destruction of mountains, forests and streams throughout Appalachia.”

Edward Hopkins, a policy analyst at the Sierra Club, said: “The EPA’s own scientists have concluded that dumping mining waste into streams devastates downstream water quality.”

Bush has boasted of his efforts to cooperate with President-elect Barack Obama to ensure a smooth transition, but the administration is rushing to complete work on regulations to which Obama and his advisers object. The rules deal with air pollution, auto safety, abortion and workers’ exposure to toxic chemicals, among other issues.

The National Mining Association, a trade group, welcomed the rule, saying it could end years of uncertainty that had put jobs and production in jeopardy.

“This is unmistakably a fire sale of epic size for coal and the entire fossil fuel industry, with flagrant disregard for human health, the environment or the rule of law,” said Vickie Patton, deputy general counsel of the Environmental Defense Fund.

The Environmental Protection Agency is trying to finish work on a rule that would make it easier for utilities to put coal-fired generating stations near national parks. It is working on another rule that would allow utility companies to modify coal-fired power plants and increase their emissions without installing new pollution-control equipment.

Joan Mulhern, a lawyer at Earthjustice, an environmental group, denounced the mining regulation.

“With less than two months left in power,” Mulhern said, “the Bush administration is determined to cement its legacy as having the worst environmental record in history.”

At issue, she said, is a type of mining in which “coal companies blast the tops off mountains to reach the seams of coal and then push the rubble into the adjacent valleys, burying miles of streams.”

Administration officials rejected the criticism.

“This rule strengthens protections for streams,” said Peter Mali, a spokesman for the Interior Department office that wrote the regulation. “Federal law allows coal mine waste to be placed in streams, and the rule tightens restrictions as to when, where and how those discharges can occur.”

Governor Steven Beshear of Kentucky and Governor Phil Bredesen of Tennessee, both Democrats, had urged the Bush administration not to approve the rule. Beshear said he feared that it would lead to an increase in pollution of “Kentucky’s beautiful natural resources.”

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PUBLISHED BY ‘THE INTERNATIONAL HERALD TRIBUNE’ (USA)

Posted in COAL, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, ENVIRONMENT, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION - USA, INDUSTRIES - USA, MINING INDUSTRIES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE FLOW OF INVESTMENTS, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, USA | Leave a Comment »

CONCRETE MASONERS PUT THEIR CASE (South Africa)

Posted by Gilmour Poincaree on December 13, 2008

11 Dec 2008

PUBLISHED BY ‘THE BUSINESS NEWS’ (South Africa)

THE claims regarding environmental issues relating to products and services are often misleading because the subject is a complex matter that is fraught with misinformation and half truths. The claims often only select snippets of information, and the attributes often have no real impact on the environmental issues at large, says Bob Low of Inca, talking on behalf of concrete masoners.

It is therefore key to any discussion relating to environmental issues, to ask the right questions, namely:

– What environmental issues are being addressed? (e.g. global warming, energy, biodiversity, water scarcity etc).

– Are the claims material to environmental issues at large?

– Is the entire ‘cradle to grave’ life cycle (i.e. manufacturing, operational life and end of life) taken into account?

The main concern with environmental issues today relate to global warming, which is directly proportional to the amount of carbon dioxide emitted into the atmosphere. Over 90% of CO2emissions in South Africa are produced in the burning of fossil fuels to produce energy. It is therefore safe to assume that the energy employed during the entire life cycle of the product has a direct impact on global warming issues.

It is estimated that South Africa produces 3.5 billion bricks per annum which equates to 1.6 million tons of CO2 per annum. To put this into context, brick production has the equivalent global warming contribution as the annual emissions from 360 000 average sized sedan cars.

Bricks also constitute approximately 30-60% of a buildings total embodied energy. The global warming effect from masonry products is therefore substantial and material to the environmental issues at large.

One has to analyse the carbon footprint of masonry holistically. The energy employed in the manufacturing of the product (i.e. embodied energy), the energy efficiency of a building built with different masonry materials (i.e. operational energy), and the energy savings resulting from recycling all have be taken into account, before a fair judgment can be made about a products complete environmental impact, Low says.

Embodied energy refers to the amount of energy required to produce the product. Clay and concrete bricks (also called cement bricks in the industry) both employ energy intensive processes. The main contributor of the carbon footprint in clay bricks is in the firing process. Clay is fired in kilns at 1000°C for 2 – 3 days.

The main contributor of embodied energy in concrete is cement. Cement only comprises 10% of a concrete brick. Cement is produced by heating limestone and other materials at 1450°C for 30 minutes. It therefore stands to reason that concrete bricks employ substantially less energy to produce than clay bricks. International and local research concur that the embodied energy of clay products are 2.5MJ / kg whilst concrete bricks are 0.95MJ / kg, according to Low.

The operational life refers to the energy utilized in the life time of the building to heat and cool the ambient temperatures. Clay and concrete have marginally different thermal properties. Concrete generally has a higher thermal capacity (i.e. ability to store heat), which enables the product to store heat at night and release this stored heat during the day. Clay has however better thermal resistance properties making it a better insulating material. Clay and concrete therefore effect the energy utilization of a building differently in different climatic conditions.

“This is however a nebulous comparison as studies show that the choice of masonry has a marginal effect of a buildings energy utilization as more than 80% of heat is transferred via windows, doors and ceilings,” says Low.

He points out that all concrete is 100% recyclable and makes an excellent aggregate to produce other concrete bricks. Clay bricks can be recycled to form sub-base materials in the construction industry. The recycling process ultimately reduces the total embodied energy by only 0.08 MJ / kg (i.e. 8%) which has a marginal effect on the cradle to grave total carbon footprint of clay and concrete masonry.

Low says the correct choice of masonry products will have a massive impact on green house emissions and energy consumption. Embodied energy, the only differential between masonry products, is the most critical and important factor in the entire life cycle of masonry in a building and can account for up to 60% of a buildings embodied energy. Masonry has little impact on the energy utilization during the life of a building and all masonry materials can be recycled effectively.

Concrete has a carbon footprint 2.5 times less than an equivalent clay brick, and the choice of concrete can therefore reduce the carbon emissions of a mid size residential dwelling by 30 tons, which is equivalent to a cars emissions for 7 years. The choice of masonry material is the easiest and most cost effective manner to substantially reduce a buildings carbon footprint, says Low.

FROM SCRATCH NEWSWIRE EDITORIAL BOARD – We would like to highlight the fact that the author of the above text simply did not mention all the mining procedures as to what concerns cement production.

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PUBLISHED BY ‘THE BUSINESS NEWS’ (South Africa)

Posted in CEMENT, CHEMICALS (processed components), COAL, COMMERCE, COMMODITIES MARKET, CONSTRUCTION INDUSTRIES, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, ENVIRONMENT, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, MINING INDUSTRIES, RECESSION, RECYCLING INDUSTRIES, SOUTH AFRICA, THE FLOW OF INVESTMENTS, THE WORK MARKET | Leave a Comment »

MINING BILL WOULD TRIM EPA POWER – Pollution variances might be up to ODNR – A new bill would strip the Ohio Environmental Protection Agency of its power to limit water pollution from coal mines (USA)

Posted by Gilmour Poincaree on November 26, 2008

Tuesday, November 25, 2008 3:07 AM

by Spencer Hunt

THE COLUMBUS DISPATCH

The bill, to be introduced in the Ohio Senate this week, would transfer the EPA’s authority to grant coal companies permits to pollute water and to fill streams to mining officials with the Ohio Department of Natural Resources.

It also would give mining regulators a six-month deadline to approve or deny new mine plans. Sen. Timothy Grendell, R-Chesterland, sponsored the bill and said the EPA and Natural Resources officials often take years to review coal companies’ plans. That puts Ohio at risk of losing new mines and jobs to coal states such as West Virginia and Pennsylvania.

“We’re placing coal-mining jobs in jeopardy,” he said. “I’m confident the Department of Natural Resources can be a good steward of the environment and also make the right decisions to keep the coal-mining industry a viable part of Ohio’s economy.”

Grendell said his bill is similar to a 2001 state law that transferred Ohio EPA regulatory powers over large livestock farms to the Ohio Department of Agriculture.

Environmentalists said they believe the bill actually is meant to help one mining company, Murray Energy Corp., build a 1.85 billion-gallon coal slurry pond in Belmont County.

The EPA denied the permit.

“This is about one dissatisfied customer,” said Jack Shaner, lobbyist with the Ohio Environmental Council. “Unfortunately, this (bill) will open a door for all coal companies and their permits.”

Murray Energy wants to dam Casey Run, a 2-mile-long stream in Belmont County, to replace an old slurry pond that dates to the 1970s. The Casey Run site would hold as much as 1.85 billion gallons of wastewater from two washing plants.

In April, the EPA said the coal slurry would threaten nearby Captina Creek, home to the endangered eastern hellbender salamander.

The company is appealing and has said that without the lagoon, it would have to close two mines and lay off about 1,000 workers.

Rob Murray, a Murray Energy vice president, said in an e-mailed statement that the bill “has absolutely nothing to do with the Casey Run issue.”

Mike Carey, director of the Ohio Coal Association, said mining companies need a one-stop shop to quickly get the permits they need to open new mines.

“This is something we’ve been talking about for years,” Carey said.

EPA spokeswoman Melissa Fazekas said the agency eliminated a backlog of permit requests in September and now handles mining company permit requests within six months.

shunt@dispatch.com

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE COLUMBUS DISPATCH’ (USA)

Posted in COAL, ECONOMY - USA, ENVIRONMENT, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, INDUSTRIES - USA, JUDICIARY SYSTEMS, MINING INDUSTRIES, REGULATIONS AND BUSINESS TRANSPARENCY, USA | 1 Comment »

UAE FIRM WANTS TO SET UP COAL-BASED POWER PLANT (Pakistan)

Posted by Gilmour Poincaree on November 26, 2008

November 26, 2008 Wednesday – Ziqa’ad 27, 1429

ABU DHABI, Nov 25: The Abu Dhabi National Energy Company has expressed interest in setting up TAQA - The Abu Dhabi National Energy Companya coal-based power plant in Pakistan.

The company’s vice-president, Mr Abdullah Khunji, called on President Asif Ali Zardari here on Tuesday and indicated willingness to invest in power sector.

The president assured him of government’s full support and cooperation.

Mr Khunji later told reporters that Pakistan was the best place for investment and his company would soon launch its energy projects in the country.

Emirates Investment Group chairman Tariq Al Qasimi also called on President Zardari and exchanged views with him on global and regional economic situation. He expressed his group’s desire to invest in Pakistan’s financial sector.

The president said his government encouraged foreign investments in energy, agriculture, construction, infrastructure development and banking and financial sectors.

Mr Qasimi told reporters his company had its presence in Pakistan and was exploring new avenues of investment in agriculture and banking sectors.

UAE Minister for Petroleum Mohammad Dhaen Al Halimi also met President Zardari and discussed with him prospects of cooperation in energy and oil and gas sectors.

Mr Halimi said his government was encouraging its private sector to invest in Pakistan’s energy and petroleum sectors.

The president praised the UAE for investing $5 billion on a refinery in Balochistan and expressed the hope the private sector would invest more in joint venture projects in petroleum and energy sectors. He offered Pakistan’s technical expertise to the UAE in energy sector development.

Mr Halimi told reporters that during the meeting various areas of joint ventures had been identified. Prospects of investment in oil and gas exploration were also discussed.

Foreign Minister Makhdoom Shah Mehmood Qureshi, PM’s Adviser on Finance Shaukat Tarin, Pakistan’s Ambassador Khurshid Ahmad Junejo, Ambassador-at-Large Javed Malik and Board of Investment Chairman Salim Mandviwala attended the meetings.

President Zardari also visited the mausoleum of Shaikh Zayed bin Sultan al Nahyan, the founder of the United Arab Emirates, and offered fateha.

APP

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PUBLISHED BY ‘DAWN’ (Pakistan)

Posted in ABU DHABI, BANKING SYSTEMS, COAL, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, FINANCIAL MARKETS, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, THE FLOW OF INVESTMENTS, UNITED ARAB EMIRATES | Leave a Comment »

UK COAL TO BUILD WIND FARMS ON OLD COLLIERIES – SHARES IN BRITAIN’S LARGEST COALMINING COMPANY RISE 10% ON BACK OF PLANS TO BUILD WIND FARMS ON FORMER PIT LAND

Posted by Gilmour Poincaree on November 14, 2008

Thursday November 13 2008 15.53 GMT

by Terry Macalister – guardian.co.uk

Over a dozen of the UK’s former coalmining sites are to be redeveloped as wind farms under a UK Coal aims to construct 54 wind turbines on sites once used for coal mining. Photograph - Sandy Huffaker - APrevolutionary energy scheme to turn old energy into new.

UK Coal, once the main part of the National Coal Board, has unveiled a joint venture with Peel Energy that would see 14 old colliery locations used to erect 54 turbines generating around 133MW of electric power.

Shares in UK Coal raced forward 10% in early trading as the City welcomed the initiative.

“We believe there is significant opportunity to develop wind farms on parts of our land portfolio. By allying with Peel Energy, we are joining forces with one of the UK’s most active and knowledgeable wind power companies,” said John Lloyd, the chief executive of UK Coal.

The company, which has already moved into renewables through the harnessing of methane gas for power, was unwilling to say which of the 14 sites are currently earmarked for early submission for planning permission but says it hopes to have some approved within three months.

Peel Energy already boasts an onshore wind portfolio in excess of 450MW already and is involved in England’s largest scheme at Scout Moor in Lancashire which has 26 turbines.

The company, whose parent group owns a considerable financial stake in UK Coal and which independently operates a series of ports around Britain is developing Royal Seaforth Dock wind farm in Liverpool and has a planning application in for the port of Sheerness wind farm.

Peel and UK Coal intend to create special purpose vehicles with a 50/50 shared ownership between them to develop a particular former colliery site for wind schemes. The coal mining group could grant the joint venture an option for a 30 year lease on the land.

“This agreement [with UK Coal] is an important step forward for Peel Energy, significantly expanding its Greenwich Power Station from Royal Observatoryonshore pipeline and gaining access to some of the UK’s best wind farm locations,” said Steven Underwood, director of Peel Energy.

Chris Millington, analyst at stockbroker Numis Securities described the deal as positive, saying Peel would bring expertise and capital to UK Coal’s innovative wind farm activities. “I think this is pretty good,” he said.

UK Coal owns 46,500 acres of land and has identified over 3,500 of it for new development but also still operates six active surface mines with an annual output in excess of 1.5m tonnes.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE GUARDIAN’ (UK)

Posted in AEOLIC, COAL, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENVIRONMENT, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, THE FLOW OF INVESTMENTS, UNITED KINGDOM | Leave a Comment »

ARCH COAL REPORTS HIGHER 3Q PROFITS, LOWERS FULL-YEAR EARNINGS FORECAST (USA)

Posted by Gilmour Poincaree on October 27, 2008

1:28 PM EDT, October 27, 2008 – Updated: 45 minutes ago

by Jim Suhr – AP Business Writer

ST. LOUIS (AP) _ Coal-producing Arch Coal Inc. said Monday its third-quarter earnings more than tripled, beating Wall Street’s expectations. But the miner lowered its earnings outlook for the year, citing near-term softening of coal demand.

Yet even with the weakening global economic backdrop, Arch’s chairman and chief executive told analysts the St. Louis-based company remained on pace for its best financial showing ever. “Despite the significant decline in coal equity value since July, underlying coal supply-demand fundamentals remain positive and suggest to us the correction has been overdone,” Steven Leer said.

“Coal has been the fastest-growing primary energy source in the world over the last five years, and this trend is not likely to fundamentally reverse course, even with a weakening global economy,” Leer said.

Arch, one of the world’s biggest coal producers, reported net income of $97.8 million, or 68 cents per share, compared with $27.2 million, or 19 cents per share, a year ago. Revenue during the July-through-September period rose to $769.5 million from $599.2 million.

Analysts surveyed by Thomson Reuters expected, on average, earnings per share of 59 cents and revenue of $764.08 million.

Arch said it now expects profit of $2.30 to $2.55 for 2008, down from its forecast of $2.50 to $2.85 per share in July. “We do think the anxiety of the global slowdown is creating or causing our customers to be cautious,” prompting Arch to lower its earnings outlook for the year to reflect an expected fourth-quarter drop in demand because of milder weather and the threat of a global economic recession, Leer said.

Stifel Nicolaus & Co. analyst Paul Forward said the company’s lowering of its forecast through the rest of the year “implies a likely further negative contribution from Arch’s trading operations in the weakening coal price environment.”

Arch shares fell 60 cents, or about 3.2 percent, to $17.90 in midday trading Monday.

The company sold 34.8 million tons of coal in the third quarter, compared with 34 million tons in the same period last year and 34.4 million tons the previous quarter. Each ton Arch sold fetched on average $20.38, up from $16.02 a year ago but down from $21.04 during the second quarter. The company’s operating margin per ton averaged $3.73, roughly double from $1.87 average a year ago.

Arch, which extracts the bulk of its coal from its western U.S. operations, said sales of its coal mined from Wyoming’s Powder River Basin were up slightly to 26.2 million tons, from 25.9 million a year ago, after rail service bounced back from seeing its shipments slowed by bad weather. Each ton sold on average for $11.21, 55 cents a ton better than the same time last year.

The company said it sold 3.5 million tons of coal from its central Appalachia region for an average of $78.95 per ton, up from 3 million tons the company sold a year ago at an average of $46.41 a ton.

Arch said cooler weather patterns and the slowing U.S. economy have impacted coal consumption while U.S. coal production, according to government estimates, so far this year has increased roughly 13 million tons through the third week of October.

Still, Arch believes U.S. coal industry fundamentals remain intact, figuring that U.S. coal exports should reach nearly 80 million tons this year as imports of the ore likely will plateau at 34 million tons. Arch also estimates that 15.5 gigawatts of new coal-fueled capacity are under construction in the U.S. and expected to come online within the next four years, meaning more than 55 million tons of new coal demand annually.

Over the first nine months of this year, Arch said it earned $292 million, or $2.02 per share, on revenue of $2.25 billion, compared with $93.6 million, or 65 cents per share, on $1.77 billion in revenue during the same period last year.

Coal from Arch, which last year had revenue of $2.4 billion, fuels about 6 percent of all U.S. electrical generation.

The coal sector’s latest batch of earnings reports has been mixed. Last week, St. Louis-based Peabody Energy Corp. reported better-than-expected third-quarter profit as it benefited from strong global demand and higher prices in all regions. Peabody, fueling about one-tenth of all U.S. electricity generation and more than 2 percent worldwide, raised its earnings guidance for the full year.

Another coal producer, Consol Energy Inc., said Thursday it swung to a third-quarter profit on higher coal and gas prices, topping Wall Street’s estimates by 3 cents a share.

But shares of Foundation Coal Holdings Inc. hit a 52-week low last week after the company said it swung to a third-quarter loss and guided its full-year results below Wall Street’s expectations, citing labor shortages, increased regulatory activity and production restraints that have weighed on several coal producers.

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Arch Coal Inc.

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