Indonesia’s Timah plans to acquire three coal mines

Indonesia’s PT Timah Tbk , the world’s largest integrated tin miner, plans to acquire three coal mines with total reserves of 50 million tonnes, a senior company official said on Monday. Timah has a mine in South Kalimantan which produces up to 1.4 million tonnes of coal a year, but the firm has been looking for new mines because of depleting reserves. The company is aiming to sell 1.8... 

Indonesia denies reports of possible coal export quotas

Indonesia has denied that it will set a quota for coal exports as it wants to reserve the coal for future use. The reports had prompted rising interest in the country’s natural resources from energy-hungry China and India. The reports were baseless and the new mining law likely to be passed by Parliament by June would in fact provide more certainty for mining companies, said Simon Sembiring,... 

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Tata Power takes coal mine stakes in Indonesia

Tata Power, India’s second-biggest utility by annual sales, will borrow $950 million to fund its purchase of stakes in two Indonesian coal mines, according to three people involved in the transaction. The Mumbai-based company has hired Calyon to arrange a $600 million loan, which will be secured by the coal mines, and a $350 million loan, guaranteed by Tata Power, said the people, who did not... 

Newmont 1st-Quarter Profit Falls 67% on Mining Costs

Newmont Mining Corp., the world’s second-biggest gold producer, said profit plunged 67 percent in the first quarter as slumping output and higher mining costs erased the benefits of a price rally. Net income fell to $68 million, or 15 cents a share, from $209 million, or 47 cents, a year earlier, Denver-based Newmont said today in a statement. Profit was boosted $17 million by an exchange of... 

Freeport Mine Workers Gather for Rally; Copper Gains

Workers at Freeport-McMoRan Copper & Gold Inc.’s Grasberg mine in Indonesia rallied to demand higher pay in a protest that may to curb output at the world’s second-largest copper mine. The price of the metal gained. Protesters are moving to Timika, the regency’s capital, said Frans Pigome, the head of Tongoi Papua, which represents native Papuans. Timika is about 60 miles (96... 

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Copper Trades Above $8,000 for Second Day on Rally; Tin Drops

Copper rose in London, trading above $8,000 a metric ton for a second day, on speculation a protest by workers at the world’s second-largest mine will disrupt supplies. About 5,000 employees at Freeport-McMoRan Copper & Gold Inc.’s Grasberg operations in Indonesia held a rally at a nearby town to demand pay increases. Representatives from Tongoi Papua, the group behind the rally, have... 

Coal Surge Seen by Mobius as China’s Imports

Coal is poised to rebound from a two-year slump as China buys more than it exports for the first time in history. Power use in China, the world’s biggest coal producer, is rising 13 percent annually, and utilities are building plants at a record pace. The nation gets 78 percent of its electricity from coal, spurring imports from Australia, Indonesia and Vietnam. “The coal sector in China... 

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Malaysia’s PPB Oil says government won’t block merger deal with Singapore refiner

Plantation firm PPB Oil Palms Bhd. said Thursday it is confident Malaysian regulators won’t block its US$4.3 billion (euro3.6 billion) merger with Singapore palm oil refiner Wilmar International Ltd. “I don’t think the government will stop (the deal) but they might impose conditions,” Oh Siew Nam, executive chairman of PPB Group Bhd. which is the parent of PPB Oil Palms, told... 

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Arcelor Mittal 2006 profit falls 3.5% on higher tax

BRUSSELS – Arcelor Mittal, the company formed last year in the largest- ever takeover in the steel industry, said Wednesday that 2006 profit fell 3.5 percent because of higher taxes and it announced plans to hand $2.4 billion to shareholders. Net income fell to $7.97 billion from $8.26 billion, based on figures calculated as if the company had existed for more than a year. Sales rose 10 percent... 

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Base metals pause, copper seen up on China

Base metals prices paused on Friday as the market took stock after the recent rally, but analysts said copper prices were likely to forge higher on stronger Chinese demand. However, traders said a Lunar New Year holiday in China next week and the Presidents’ Day holiday in the United States on Monday could curb activity and hamper any gains for a few days. Copper for three-month delivery on the...