Whitehaven remains bullish on coal price
Forecasters have downgraded their expectations again for coal prices in 2015 and 2016, but Whitehaven Coal thinks it can buck the trend and receive increasing prices for its product this year, according to the Sydney Morning Herald.
Investment bank Citi expects the coal malaise to extend into 2015, having lowered its forecasts for thermal coal and coking coal yet again on Wednesday morning.
Citi had previously forecast coking coal prices to average about $US122 a tonne in 2015 and thermal coal prices to average $US67 a tonne, but on Wednesday lowered those estimates to $US113 a tonne and $US55 a tonne respectively.
Whitehaven exports both products, but is more focused on thermal coal, having shipped 2.3 million tonnes during the December quarter, at an average received price of $US66.07 a tonne.
KordaMentha chasing Rio for $150m ‘owed’ to Forge
Mining giant Rio Tinto is facing a fight with the receiver of collapsed mining services firm Forge Group to keep $100 million in bank bonds Rio called down on terminating a string of contracts days after the company fell over, according to the Australian Financial Review.
Receiver KordaMentha is also pursuing $50 million it claims Forge is owed for unpaid work.
KordaMentha Restructuring said it will lodge Supreme Court proceedings in Western Australia in a bid to recoup some of the money it claims is owed.
Safety concerns hit Rinehart’s Roy Hill iron ore mine
Western Australia’s Department of Mines and Petroleum is investigating serious safety concerns at Gina Rinehart’s $10 billion Roy Hill iron ore mine, according to the Australian Financial Review.
A mining source said major construction work has been slowed at the remote site since early January.
Department of Mines and Petroleum director of mines safety Andrew Chaplyn said the department had issued two prohibition notices in response to a number of serious incidents reported at the mine in the past year involving cranes and elevated working platforms.
