Andrew Harrington News
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Coal mines in Australia are returning to normal after rains from ex-tropical cyclone Oswald passed in Queensland, limiting price increases for the commodity used to produce power and steel.
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Whitehaven Coal Ltd. is returning as a takeover target, less than two years after a company-run auction failed and its biggest shareholder shelved a buyout.
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Lynas Corp., developing the world’s largest rare-earth refinery in Malaysia, climbed the most in more than three years in Sydney trading after receiving a permit to start production following months of delays.
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JSW Steel Ltd. , India’s third- largest producer, is considering putting its overseas coal and iron ore assets into a unit for a share sale to fund expansion, two people familiar with the plans said.
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The race to open a $40 billion coal region in Australia is being led by billionaires Gina Rinehart and Clive Palmer. Victory depends on who wins approval to build a 500-kilometer (310-mile) railroad to the coast.
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Pike River Coal Co. faces an indefinite production shutdown at its New Zealand mine after two gas explosions that police say killed 29 workers.
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Coal prices may rise after flooding and rainfall in Australia, the world’s biggest exporter of the commodity, disrupted production from mines in Queensland owned by companies including Rio Tinto Group and Macarthur Coal Ltd.
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Japan’s coal and natural gas demand is likely to rise after the nation’s biggest earthquake this month knocked out nuclear-powered generators, said New Hope Corp. , an Australian coal producer.
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Record coal deals this year have slashed the number of potential targets in Australia, the world’s largest exporter. The combination of Whitehaven Coal Ltd. and Aston Resources Ltd. looms as the last prize standing.
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BHP Billiton Ltd. , Xstrata Plc and 11 other coal miners in Australia bid A$4.85 billion ($4 billion) for the nation’s biggest coal railroad to head off the state government’s planned initial public offering.
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