Mining

Coal prices on the rise

April 18, 2007 6:55 pm by Rebecca Bream

World prices for thermal coal, used in power stations, are likely to rise sharply in the next few years as China becomes a net importer of the fuel earlier than expected, says Mineweb. European coal prices have already risen to about $70 a tonne from $52 at the end of 2005, it adds. This should benefit mining companies such as Xstrata, Rio Tinto and BHP Billiton. Meanwhile China’s rush to produce the coal it needs from its own ramshackle mines is having tragic consequences. Mineweb points out that there have been three coal mining accidents in China in the last 24 hours.

Posted in Electricity, Mining |

Uranium sector hots up

April 12, 2007 11:31 am by Rebecca Bream

The worldwide revival of nuclear power has helped to push the price of uranium above $100 per pound, and the radioactive metal is currently quoted at $113 per pound, compared to $75 in February and $20 in 2004. The booming uranium price has triggered a wave of consolidation in the uranium mining sector; earlier this week UrAsia Energy approved a $2.9bn reverse takeover by fellow Canadian SXR Uranium One, and in Australia Paladin Resources on Thursday upped its hostile offer for Summit Resources by 20 per cent to $975m. Minesite.com  is running a good overview of this colourful battle, including the recent intervention of Areva of France, a possible white knight for Summit.

Posted in Mining, Nuclear power |

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