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Coal News & Price Data – September 26, 2023 – Sev.en Acquires 51% of Coronado

Sev.en Global Investments, is making a substantial bet on coal with a $1.6 billion deal to acquire a 51% stake in Coronado Global Resources.

A coal mine accident in Guizhou province, China, claimed 16 lives after a conveyor belt caught fire, trapping workers underground.

India’s plans to add 25-30 GW of thermal power on top of 49 GW already under construction, resulting in 40% more coal burn.

Chevron hasn’t reached an agreement with unions regarding strike action at the Gorgon and Wheatstone LNG facilities.

Whitehaven Coal is considering using $1.1bn to $1.8bn in debt to purchase BHP’s coal mines in Queensland, as suggested by UBS analysts.

New Hope Coal reported record profits due to high coal prices, and plans to nearly double production this decade.

Thermal coal prices strengthened, surpassing $125 USD/ton, attributed to increased consumption and a sharp rise in gas prices.

Haul truck operations at Peak Downs might be suspended for two more weeks after two trucks slid over 100 meters during an overnight shift.

Low water levels in the Mississippi River led to a 57% drop in Gulf Coast coal shipments, only six ships left in the week ending Sept. 10.

The EIA has raised its 2023 total coal production outlook to 583 million short tons, a slight increase from August’s estimate.