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Wesfarmers Considers Buying More Coal Port Capacity

Wesfarmers Ltd. (WES.AU) said it was considering expanding its Australian coal port capacity at a time when many others are auctioning off assets in response to falling coal prices.Australian coal company earnings have been hurt by lower prices and rising production costs in recent months, leaving some miners grappling with long-term port deals signed to lock in space at export terminals when coal prices were high.Miners such as Glencore Xstrata PLC (GLEN.LN) and Yancoal Australia Ltd. (YAL.AU) are putting excess port capacity on the block, signaling a lack of confidence that coal prices will rebound soon."There may be some aggregation opportunities," Richard Goyder, managing director of Wesfarmers, said in an interview Tuesday. "Coal is going to be an important part of the future of energy at least for some decades."The Australian conglomerate owns the Curragh coal mine in resource-rich Queensland state and a 40% interest in the Bengalla joint venture in New South Wales, as well as su...

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  1. Glencore Xstrata Names Tony Hayward Interim Chairman

    Mining and commodities trading giant Glencore Xstrata PLC (GLEN.LN), said Thursday that following shareholders vote against the re-election of former chairman John B...

  2. Glencore Xstrata Appoints Former BP CEO As Interim Chairman

    Glencore Xstrata PLC (GLEN.LN) has appointed the former BP PLC (BP) chief executive Tony Hayward as its interim chairman after shareholders voted against the electio...

  3. Former BP CEO Hayward to Become Interim Chairman of Glencore Xstrata-FT

    The former chief executive of BP PLC (BP), Tony Hayward, is to become the interim chairman of commodities trader Glencore Xstrata PLC (GLEN.LN), the Financial Times ...

  4. Glencore Xstrata says considering a Swiss share listing

    ZUG, Switzerland (Reuters) - Miner and trader Glencore Xstrata said on Thursday it was considering listing on the Swiss stock exchange, in addition to its existing l...

  5. Glencore Xstrata Chairman Ousted in Surprise Coup

    LONDON/ZUG, Switzerland, May 16 (Reuters) - Glencore Xstrata Chairman John Bond surprised investors on Thursday by announcing he had been voted out of the top job at...

  6. Glencore Xstrata: Steve Robson Has Resigned With Immediate Effect

    Glencore Xstrata PLC (GLEN.LN), the producer and marketer of commodities, Thursday announced that Sir Steve Robson has resigned with immediate effect.MAIN FACTS:-Acc...

  7. Colombia's Coal Output Drops 21% in First Quarter From Year Ago

    Colombia, one of the top coal exporters in the world, suffered a drop in coal production in the first three months of the year as a result of a labor strike and envi...

  8. Peru's Mining Investments Rise 23% in First Quarter

    Mining investments in Peru increased 23% in the first quarter compared to the same period last year as companies advance projects that are expected to boost the coun...

  9. Australia's Nonmining Economy Warms to Rate Cuts

    Australia's economy is increasingly responding to more than a year of central bank rate cuts aimed at preparing the country for the end of a mining boom that's helpe...

  10. Glencore Xstrata Output Broadly Higher

    Commodities titan Glencore Xstrata PLC (GLEN.LN) said Monday the company performed well across most of its divisions in the first quarter, with its marketing arm ope...

  11. Glencore Xstrata Shelves Balaclava Island Coal Export Terminal

    Glencore Xstrata PLC (GLEN.LN) Monday said it would abandon plans for a new coal shipping facility in Queensland state, a move that reflects sustained weakness in Au...

  12. Workers at Australia's Biggest Coal Port to Strike As Dispute Escalates

    Workers at Australia's biggest coal export facility will strike next Wednesday, a local union said Friday, as a dispute over working conditions escalates.The Maritim...

  1. Attack on Railway Used by Colombia's Top Coal Exporter Has Minimal Effect

    Marxist rebels are suspected of using explosives to blow up the rail line of Cerrejon, Colombia's biggest coal exporter, but damage was minimal and operations were v...

  2. Glencore Xstrata to Appoint Andrew Caplan as Head Of Aluminum Unit -Source

    Commodities titan Glencore Xstrata PLC (GLNCY, GLEN.LN) is set to appoint Andrew Caplan as the new head of it aluminum division following the departure of veteran Ga...

  3. Glencore Xstrata Announces Inaugural $5 Billion Five-Tranche Bond Issue

    Mining and commodities-trading giant Glencore Xstrata PLC (GLEN.LN), Thursday enounced the launch and pricing of a dollar denominated issue of notes in a $5 billion ...

  4. Farmers Demand GrainCorp Sell Assets Ahead of ADM Takeover

    Australian farmers have written to the government demanding the sale of some GrainCorp Ltd. (GNC.AU) assets as a condition to its takeover by Archer Daniels Midland ...

  5. Glencore Xstrata Head of Aluminum Gary Fegel Plans to Leave Company -Reuters

    Glencore Xstrata PLC's (GLEN.LN) head of aluminum, Gary Fegel, plans to leave the company, Reuters reported Tuesday, citing three sources.The specific timing of his ...

  6. Exclusive: Glencore's top aluminum exec to leave, first exit since takeover-sources

    Glencore Xstrata's head of aluminum, Gary Fegel, is set to leave the company, three sources said, the first high-profile departure since commodity trading giant Glen...

  7. Glencore Xstrata Shareholders Vote Against Chairman's Appointment

    Mining company Glencore Xstrata PLC (GLEN.LN) said Thursday that shareholders voted against the appointment of John Bond as chairman by 80.85% of votes at the AGM.MA...

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