Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Lots of good mining info here. Worth the 30 day free trial. Haven't been bombarded with junk email from it either, yet.
http://www.miningnews.net/default.asp
I have to give SN.V credit for holding on to these Australian coal assets. Shell sold their Aussie Coal assets to Anglo Coal(AAUK) in early 2000 for $900 million USD. I see AAUK made $130 million USD in 2003 off these same assets. 2004 will more than likely be triple 2003's, and 2005 with coking coal at $125.00/ ton? Maybe double again.
SN.V, Anglo Coal, a division of Anglo American(AAUK), owns and operates the German Creek Mine next to Sennen's Middlemount deposit. Anglo Coal recently bought out the remaining 27% of the German Creek Mine and now owns 100%. Anglo Coal is advancing many Australian Coal projects.
http://www.angloamerican.co.uk/about/businesses.asp?type=coal
SN.V, Somethings brewing with the Middlemount 254mt Thermal and Coking deposit in Queensland. Jeremy Barlow's, Global Resource Asset Exchange(GRAX), has had the deposit listed for sale with bids due by Dec. 24, then last week the bid date was extended to Jan 21st. As of tonight, tomorrow in Australia, the listing has changed to "An interest in the Middlemount coking and thermal coal deposit in Central Queensland"
According to the last press release any sale of Middlemount would be split 50/50 between SN.V and DJB Coal, also Jeremy Barlow's company.
DJB coal then has to make the expenditures to further advance Sennen's Onaview and Collingswood thermal and coking coal deposits for DJB coal to earn their full interest.
http://www.resourceassets.com/CMS/DesktopDefault.aspx?tabID=3393
http://biz.yahoo.com/ccn/041202/3b0e453051988f288ce217002f492938_1.html
BHP secures premium coal price from Japan
By Barry FitzGerald
Resources Editor
December 14, 2004
Coking coal market leader BHP Billiton has extracted a boom-time price settlement for exports of its premium brands to Japanese steel makers in 2005-06, but does not intend confirming the deal until the new year.
The price increase, from $US57.50 a tonne to a record $US125 a tonne, was nevertheless taken as given by the sharemarket yesterday, where BHP and the other listed producers of the key steel making raw material all made solid gains.
BHP is not expected to confirm the price rises - it represents a gain of 117 per cent - until it has reached settlement on the majority of its contracts and a majority of coal brands. That was the same position it took last year when confirmation of a 23 per cent increase in the 2004-05 coking coal price came a long time after the first settlements were made.
Negotiations on other brands of coal - semi-soft coking coal and PCI coal - continue in Japan this week. Big price increases are also expected, but not to the same extent as the premium end of the coking coal market.
Broker Goldman Sachs JBWere has forecast a 100 per cent increase in semi-soft coking prices, to from $US42.50 a tonne to $US85 a tonne in 2005-06. The broker is also forecasting that Australia's iron ore producers will extract a 30 per cent price increase for shipments in 2005-06. But, while iron ore prices are forecast to hold up the year after, coking coal is expected to weaken as the market absorbs new supplies from Australia and Canada.
Australia exports about 125 million tonnes of coking coal annually. Japan is the key market, but the surge in demand from steel makers in China, India and Brazil has delivered new pricing power to the coking coal producers. The big local coking coal exporters include BHP, Rio Tinto, Xstrata (MIM), Excel Coal, Anglo American and Wesfarmers.
The locally listed posted solid share price gains yesterday. BHP was up 18¢ to $14.86, Rio gained 16¢ to $38.60, Wesfarmers added 56¢ to $36.98 and Excel was 16¢ higher at $4.73.
The one weak spot was NSW's Austral Coal. The market sent the coal producer's shares 11¢ lower to 58¢ yesterday as it warned of heavy losses at its Tahmoor North mine because of equipment failures and geotechnical issues in mining the coal seam.
http://www.theage.com.au/articles/2004/12/13/1102787015414.html?oneclick=true#
Brazil settles high for coke
Monday, December 13, 2004
BHP BILLITON will be supplying Brazilian steel mills with hard coking coal for US$125 per metric ton during 2005.
The recently negotiated price, double the current benchmark price, is expected to put pressure on Japanese steel mills to accept a big price hike for next year.
Discussions are currently under way between Australia's coking coal exporters and the Japanese to settle contract coking coal prices for the year beginning April 1, 2005.
Brazilian steel producers struck the deal with BHP Billiton Mitsubishi Alliance (BMA), a joint venture in Queensland that accounts for a large portion of global coking coal supplies.
Meanwhile, Platts has reported that the new contract is a major departure from past practice, with BMA offering unified price contracts - without distinction between hard and semi-soft coking coals.
The package deal sees the mill having to buy some second class coal at the same price it pays for the hard coking coals.
Iron ore prices are also expected to be increased by 20-30% for 2005-06 shipments.
International Longwall News
Click here to read the rest of todays news stories.
http://www.miningnews.net/StoryView.asp?StoryID=32508
Coal suppliers licking their chops
Billiton gets double the price it got last year on Brazil contract
Mitch Moxley, Carrie Tait and Hollie Shaw
Financial Post, with files from wire services
Friday, December 10, 2004
The good news just keeps coming for the coal industry. It's already been an incredible year, with stock prices skyrocketing nearly as fast as the price of metallurgical coal.
Then on Wednesday, the industry got more good news when BHP Billiton Mitsubishi Alliance finalized pricing into Brazil at US$125 per tonne for high-grade coking coal.
That's a 116% difference from the US$58 per tonne price BHP settled for last year.
This is a positive for Canadian coal companies, such as Teck Cominco Ltd., who has a 43.3% direct plus indirect interest in Fording Canadian Coal Trust. Fording is now negotiating 2005 contracts with steel producers.
Assuming Fording negotiates an average price of US$115 per tonne, Teck Cominco's earnings before interest and taxes would increase to about $307-million from $287-million, said John Hughes, an analyst with Desjardins. Mr. Hughes reiterated his $39 target price and "top pick" recommendation for Teck Cominco.
Teck Cominco closed yesterday $33.60, up 83 cents. The stock is up 53% year to date. Mitch Moxley
http://www.canada.com/national/nationalpost/financialpost/investing/story.html?id=7ef1dd63-965c-4f31...
Miners set for 'obscene profits' in 2005 - Merrill
--------------------------------------------------------------------------------
Prices of commodities that China needs to fuel its rapidly expanding economy will probably increase sharply in 2005 as demand outstrips supply for another year, Merrill Lynch fund manager Evy Hambro said on Wednesday.
Noting the strong performance of commodities in 2004, particularly base metals such as nickel and copper, Hambro told reporters at a briefing in Hong Kong that he expected continued strong demand from China to support prices.
"The key thing though... is what is happening in the mining industry. Supply remains constrained," said Hambro, fund manager for Merrill Lynch International Investment Funds's (MLIIF) World Mining Fund, and its World Gold Fund.
"The mining industry is unable to grow its supply fast enough in order to be able to match demand, and as a result the deficits that are in place today will remain in place in 2005 and we're going to have a very strong environment for commodity prices going forward."
Hambro said that producers of bulk commodities such as iron ore and coking coal -- used for steel production -- and coal for power plants were on course for bumper profits in 2005.
"Things like iron ore, coal, industrial minerals, they're all having a very very strong pricing environment at the moment," said Hambro. "We're going to see some exceptional price increases for most of these commodiites during the annual price negotiations that take place at the beginning of each year." Citing coking coal as an example, Hambro said that while prices had settled at $58 per tonne last year, the price had soared above $100 a tonne in recent weeks, with one cargo for a Brazilian customer reportedly priced at $137 per tonne.
"We're talking about dramatic price increases for this commodity," said Hambro.
"The companies that produce these materials will make obscene amounts of money next year, obscene profits and obscene cashflow." Key holdings in MLIIF's World Mining Fund, which has nearly $1.7 billion under management, include the world's largest diversified miner, BHP Billiton, Brazil's CVRD and global miner Rio Tinto Ltd.
Hambro said Merrill was confident that despite recent volatility in metal prices, mining companies would see record profits in the year ahead.
"The record results that have been released by the major mining companies in the first half of 2004 will undoubtedly be surpassed in the second half of the year. Looking forward, we believe that the sector is set to break earnings and cash flow records again in 2005," said Hambro.
"Investors who believe, as we do, in the long term positive outlook should look through the short term shifts in sentiment and take advantage of share price weakness to build positions." Gold prices, which have soared in 2004 to more than $450 an ounce from a price of about $400 12 months ago, are also expected to provide strong support as investors buy the yellow metal as a hedge against the falling U.S. dollar and as a diversification play.
Hambro said the bull market in gold should continue because of shortages among miners and central bank gold sales. Gold prices have increased more than 50 percent since 1999.
"We've actually got a gold market now that's in deficit," said Hambro.
"Gold mine supply continues to decline, central bank sales are dramatically lower this year versus last year and central bankers are making hints that they might try to increase some of their gold holdings." If those factors alone weren't enough to drive gold prices higher, Hambro said, China's demand for gold is expected to increase three-fold over the next three years, to 600 tonnes per year from 200 tonnes.
"That 400 tonnes of additional supply is about the same amount of gold as South Africa produces," said Hambro.
South Africa is the world's largest gold producer.
http://www.miningweekly.co.za/min/news/today/?show=60536
Sennen Resources, I spoke with Barbara Dunfield(CFO) yesterday.
She informed me she had arranged some large block buys in Sennen from "interested parties". She also said Sennen sees the value of their coal properties at $150 million.
Don't forget, Pine Valley(PVM.V) had similiar beginnings. Sennen might be next.
Sennen Resources, news today helps explain the following article. DJB Coal and Sennen might use the proceeds from the Middlemount sale to further the Onaview and Collingwood coal projects. Time will tell.
Middlemount for sale
Angie Bahr
Friday, November 19, 2004
THE Middlemount coal deposit containing 254 million tonnes of coal with potential for three open cut pits and underground long term production will be up for grabs next week.
The deposit is currently owned by the Middlemount Joint Venture, an unincorporated joint venture between Ribfield and DJB Coal.
The deposit is located approximately 10km from Middlemount, Queensland, adjacent to the German Creek mining complex.
Divestment managers Global Resource Asset Exchange (GRAX) said 254Mt of coking and thermal coal had been identified in the Middlemount and Pisces seams. The Girrah seam also occurs within the licence area and up to 50Mt may be available.
The conceptual mine plan consists of three open cut pits providing early access to shallow coal and underground access from the highwalls for longer term production.
Product options from the resource include a dual or three way product comprising of a hard or semi-soft fraction and a thermal product; a single semi-soft coking product based on a simple washplant and full seam or selected mining section; a raw or basic washed export thermal product; or a domestic thermal product.
A confidential information memorandum and virtual data room will be available from Monday November 22 to provide further information about the deposit and the divestment process to interested parties.
Offers of purchase are due Friday December 24, 2004.
International Longwall News
Click here to read the rest of todays news stories.
http://www.miningnews.net/storyview.asp?storyid=31724§ionsource=c8
Sennen Resources Ltd.: Agreement Reached with DJB Coal Pty Ltd. for Development of Middlemount, Collingwood and Onaview Coal Projects in Queensland, Australia
Thursday December 2, 12:44 pm ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 2, 2004) - Mr. Ian Rozier, President of Sennen Resources Ltd. (the "Company")(TSX VENTURE:SN - News) is pleased to report that the Company, through its Australian subsidiary, Ribfield Pty Ltd., has reached an agreement with DJB Coal Pty Ltd. ("DJB Coal") of Sydney, New South Wales, Australia whereby DJB Coal has entered into a Joint Venture to finance and develop the Middlemount, Collingwood and Onaview coal deposits in Queensland, Australia.
ADVERTISEMENT
The historical measured coal reserves and resources at the Middlemount, Collingwood and Onaview were reported in a News Release dated January 26th 1998 and July 15th, 2004. The historical coal reserve and resource estimates were prepared by the Shell Company of Australia as part of a pre-feasibility study and the Company considers the data used for estimates to be relevant and reliable. The historical and current resource estimates and status of the three coal projects are summarized as follows;
- At Middlemount, the historical Measured Reserve was 113.3 million tonnes, with an additional Measured Resource of 254 million tonnes of low to medium volatile, low sulfur, bituminous coal. However, in accordance with National Instrument 43-101 an updated feasibility study is required to confirm the Measured Reserve and until such time as this is complete, the coal at Middlemount has been re-classified as being 367 million tonnes of Measured Resource, and occurs in two seams at less than 100m depth. The Exploration Permit for Coal ("EPC") at Middlemount has been converted to a Mineral Development Licence ("MDL").
- At Onaview, the reported Measured Resource is 172 million tonnes of recoverable, high volatile, low sulfur, thermal coal occurring in seams ranging from 4 to 8m thick. The data used for this estimate is considered relevant and reliable and consistent with JORC standards for the reporting of coal resources. The EPC at Onaview has been converted to an MDL.
- At Collingwood the historical Measured Resource estimate is 85 million tonnes, with a further Indicated Resource of 30 million tonnes of high volatile, low sulfur thermal coal as estimated by the Shell Company of Australia. The date used for these estimates is considered relevant and reliable and is considered to be in compliance with current JORC standards for the reporting of resource estimates. Application has been made to convert the Collingwood EPC to an MDL.
In the July 15th, 2004 news release the Company stated that "several entities had approached the Company with respect to potential joint ventures and operating/contract mining agreements", and that the Company was "reviewing all its options with respect to how to proceed with the development and/or sale of its coal interests". As reported in a news release dated November 26, 2004 the Company has been in discussion with various entities in the coal industry since that time and is pleased to report that it has selected DJB Coal as its partner to develop its coal properties going forward. The Company has reached comprehensive agreements with DJB Coal that cover the maintenance and rental, payments, exploration, engineering, development, and the completion of feasibility studies on all three coal projects.
Under the terms of these agreements DJB Coal has acquired an interest of 5% of Middlemount with the right to acquire a further 65% interest, and has acquired a 10% interest in Collingwood and Onaview, with the right to earn a further 60% in each of these two projects. DJB Coal will acquire these interests in return for payment of all present and future rental costs due on the Onaview deposit, the payment of all future rental amounts on the Collingwood and Middlemount projects, and will conduct all the required engineering work for the completion of bankable feasibility studies at their cost on each deposit within 5 years, being the term of the agreements. In the event that agreement is reached over the sale of the Middlemount coal property to a third party prior to the completion of a feasibility study, the Company and DJB Coal will each have a 50% interest in the proceeds from the sale.
DJB Coal, a company that was formed by a group of Australian energy industry executives, is focused specifically to look for opportunities for investment in coal. They have access to extensive knowledge about the Queensland Coal Industry as well as the international coal market. As such, DJB Coal has the worldwide industry knowledge and the contact base that Sennen needs in order to maximize its value from the Middlemount, Collingwood and Onaview coal projects. DJB Coal is controlled by David Mathew and Jeremy Barlow, both of whom have extensive experience in the Australian Coal Industry; Mr. Mathew headed up coal exploration with BHP Coal for many years and Mr. Barlow is chairman of the international coal consulting company, Barlow Jonker Pty Ltd., where recent consulting tasks have been concerned with supply capacity from China, import demand, and the identification of investment opportunities. Mr. Barlow is involved with, and is a director of, the recent coal float CH4 Gas
Limited in Australia, which owns 50% of the Moranbah Gas Project in Queensland in joint venture with BHP Coal.
Queensland is the largest coal exporting state in the world with approximately 75% of its coal production going to the export market. Queensland's coalfields have been the subject of massive export infrastructure projects that include dams, power stations, rail links and port facilities. The operating costs of Queensland coal mines make them extremely competitive with some of the lowest production costs in the world. In light of the recent increases in long term coal contract prices there is renewed worldwide interest in coal companies, particularly those with large, advanced, underdeveloped coal projects with measured resources located in areas with excellent infrastructure, such as the Middlemount, Collingwood and Onaview projects. In entering into these agreements with DJB Coal the Company is moving on the opportunity to exploit the current commodities cycle and to move these projects ahead in the next 5 years so as to increase their value and take advantage of the current
high demand for coal assets.
"In DJB Coal we have found the ideal partner that now has a significant interest in developing and marketing our coal projects in Australia and realizing their value. The ability to do this type of deal with industry leaders like DJB Coal is precisely the reason why we held on to these projects through an extremely weak cycle over the last few years", stated Ian Rozier, President of Sennen Resources Ltd. "We think the Sennen/DJB Coal arrangement is an excellent opportunity for the shareholders of the Company".
Ian Rozier, B.Sc., M.Sc., P. Eng is the Qualified Person ("QP") responsible for preparing the technical information reported in this news release.
--------------------------------------------------------------------------------
Contact:
Sennen Resources Ltd.
Barbara Dunfield
CFO
Phone: (604) 685-6851
Fax: (604) 685-6493
Email: ir@sennenresources.com
National Coal Corp, today's guidance for 2005, explains their 11/02/2004 SEC filing for a 1 for 4 reverse split. IMO they are attracting institutional investors. Don't forget Jon Nix, CEO, and Mr. Belote, Director, hold 41,989,387 or 95% of the 44,290,216 total shares. Also, Gerald J. Rubin, CEO of HELE, and Byron H. Rubin, Director of HELE, took some of the last Preferred offering.
Looks like there will be 19.5 mill shares after preferred are converted to common and the 1 for 4 split. I'm not an expert on deciphering SEC filings. Here's the links.
http://www.sec.gov/Archives/edgar/data/1089575/000117091804000649/pre14c.txt
Excerpt..
REASONS FOR THE REVERSE SPLIT. The Reverse Split and resulting anticipated increase in the price of our common stock should enhance the acceptability and marketability of our common stock to the financial community and investing public. Many institutional investors have policies prohibiting them from holding lower-priced stocks in their portfolios, which reduces the number of potential buyers of our common stock. Additionally, analysts at many brokerage firms are reluctant to recommend lower-priced stocks to their clients or monitor the activity of lower-priced stocks. Brokerage houses also frequently have internal policies that discourage individual brokers from dealing in
lower-priced stocks. Further, because brokers' commissions on lower-priced stock generally represent a higher percentage of the stock price than commissions on higher priced stock, investors in lower-priced stocks pay transaction costs
which are a higher percentage of their total share value, which may limit the willingness of individual investors and institutions to purchase our common stock.
SEC Page with all of National Coal's filings
http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001089575&owner=include
National Coal Corp. Provides Earnings Guidance for Fiscal 2004 and 2005
Tuesday November 9, 10:35 am ET
http://biz.yahoo.com/bw/041109/95698_1.html
KNOXVILLE, Tenn.--(BUSINESS WIRE)--Nov. 9, 2004--National Coal Corp. (OTCBB: NLCP - News), a coal producer operating in Eastern Tennessee, today provided guidance for the second half of Fiscal 2004, the first half of Fiscal 2005, and for full Fiscal 2005.
Forward-Looking Guidance for Fiscal Year 2004
For the third quarter of Fiscal Year 2004, which ended September 30, 2004, National Coal will report the following:
Revenue of $4.4 million, based on approximately 93,000 tons of coal sold during the quarter at an average price of $48 per ton; and
EBITDA, a non-GAAP financial measure that reflects net income (loss) excluding interest income/expense, taxes, depreciation, depletion and accretion, and amortization expense, of $(1.6 million).
For the fourth quarter of Fiscal Year 2004, which ends December 31, 2004, National Coal is projecting the following:
Revenue is estimated to be approximately $9.4 million, based on approximately 200,000 tons of coal sold during the quarter at an average price of approximately $47 per ton; and
EBITDA is estimated to be approximately $1.8 million.
For the full Fiscal Year 2004, National Coal is projecting the following:
Revenue is estimated to be approximately $19.4 million, based on approximately 430,000 tons of coal sold during the fiscal year at an average price of approximately $45 per ton; and
EBITDA is estimated to be approximately $(945,000).
Forward-Looking Guidance for Fiscal Year 2005
For the first quarter of Fiscal Year 2005, which ends March 31, 2005, National Coal is projecting the following:
Revenue is estimated to be approximately $17.2 million, based on approximately 330,000 tons of coal sold during the quarter at an average price of approximately $52 per ton; and
EBITDA is estimated to be approximately $4.7 million.
For the second quarter of Fiscal Year 2005, which ends June 30, 2005, National Coal is projecting the following:
Revenue is estimated to be approximately $22.4 million, based on approximately 430,000 tons of coal sold during the quarter at an average price of approximately $52 per ton; and
EBITDA is estimated to be approximately $6.4 million.
For the full Fiscal Year 2005, National Coal is projecting the following:
Revenue is estimated to be approximately $93.6 million, based on approximately 1.8 million tons of coal sold during the quarter at an average price of approximately $52 per ton; and
EBITDA of approximately $27.6 million.
About National Coal Corp.
National Coal Corp., through its wholly-owned subsidiary, National Coal Corporation, owns coal mineral rights on approximately 70,000 acres in Eastern Tennessee. National Coal's website can be found at www.nationalcoal.com.
SVL.V Silvercrest Mines, expecting assay results from the initial 5 drill holes from the Silver Angel Project in Mexico. These are the first 5 of the 11 planned. The property has potential. Latest press release concerning this property.
http://biz.yahoo.com/bw/040930/305781_1.html
Excerpt from Sept. 30, 2004 PR....
The Phase 1 surface program has identified two potentially major styles of silver mineralization. The first target is high grade, near surface silver mineralization that appears to be structurally controlled and the second target is near surface, lower grade silver mineralization that appears to be prevalent over a substantial area of stockwork veining.
The high grade targets consisting of two sub-parallel, northwest-southeast trending high grade zones (Nina and Pinta Zones) and a north-south cross structure (Santa Maria Zone) have been identified and sampled in the underground workings. Two separate composite underground channel samples of the Nina zone returned values of 9.0 metres of 654 g/t silver (19.08 oz/ton) and 9.0 metres of 181 g/t silver (5.28 oz/ton) respectively. One composite underground channel sample of the Pinta Zone returned values of 4.3 metres of 208 g/t silver (6.07 oz/ton). The Santa Maria Zone returned values of 229 g/t silver (6.68 oz/ton) over 5.5 metres from a composite underground channel sample. These targets appear to be consistent with the Company's objectives of identifying high grade, near surface silver resources that may be amenable to open pit methods of mining.
The lower grade, potential bulk tonnage target has been established by mapping and surface rock chip and channel sampling of a highly altered, volcanoclastic unit, with intense quartz stockwork over an area that is at least 550 metres long and 200 metres wide (see figure below). This favourable stratigraphical horizon is estimated to be approximately 200 metres thick. Soil sampling results outline coincident silver (greater than 15 ppm) and gold (greater than 100 ppb) anomalies that are an approximately 600 metres long and 300 metres wide. Surface rock chip and channel sampling of the favourable horizons show values from trace to 1280 g/t silver (37.33 opt) and trace to 3 g/t gold (0.088 opt). Silver mineralization within this extensive host rock indicates the potential for a large tonnage, manto style silver deposit.
The Initial Phase drill program is expected to be 11 reverse circulation drill holes totalling approximately 2,000 metres. This initial drilling will test the central portion of the stockwork zone to determine the extent and potential grade of the known silver mineralization and to intersect the vertical projections of the Nina and Pinta high grade zones at depth. Five holes have been completed to date.
The extensive nature and intensity of the quartz-limonite stockwork, the potential magnitude of the favourable host rock and the established presence of economic grade silver mineralization, makes the Silver Angel Concession a high priority in the Company's portfolio of exploration and development projects.
National Coal. First announced contract.
No details released...
http://biz.yahoo.com/e/041101/nlcp.ob8-k.html
AGREEMENT WITH EAST KENTUCKY POWER COOPERATIVE, INCORPORATED
On October 26, 2004, our Tennessee subsidiary, National Coal Corporation, entered into a Coal Supply Agreement with East Kentucky Power Cooperative, Incorporated ("EKP"). The Agreement provides that National Coal Corporation will sell, and EKP will purchase, a specified amount of coal at fixed prices over the four year term of the Agreement. No other material relationships exist between the issuer or National Coal Corporation and EKP.
Copper moving back up, Chart has turned for this one also.
Expecting drill results from initial 5 holes from the Silver Angel Project.
SilverCrest Initiates Drilling at Silver Angel Project, Mexico
http://biz.yahoo.com/bw/040930/305781_1.html
Good drill results from El Zapote
SilverCrest Announces El Zapote Drill Results
http://biz.yahoo.com/bw/041013/135975_1.html
SilverCrest Announces a New Mineralized Zone at El Zapote
http://biz.yahoo.com/bw/041102/25837_1.html
National Coal Corporation Completes Recently Announced Acquisition
Tuesday October 26, 6:08 pm ET
KNOXVILLE, Tenn.--(BUSINESS WIRE)--Oct. 26, 2004--National Coal Corp. (OTCBB:NLCP - News), a coal producer operating in Eastern Tennessee, is pleased to announce its wholly-owned subsidiary, National Coal Corporation, has completed the acquisition of certain mining assets of Robert Clear Coal Corporation, a coal mining company located on 7,000 acres of land in the Elk Valley area of Eastern Tennessee, for a purchase price of $5.5 million, plus the assumption of certain current liabilities. Additionally, the company will replace approximately $3.9 million of the seller's reclamation and other bonds for the acquired properties. The acquired assets include leases, permits and mining equipment.
National Coal expects to commence mining operations on all approved and permitted sites immediately. Reclamation work currently associated with the site, as well as all future mining operations, will be guided by the Company's environmentalist to ensure that all reclamation and mining is performed in accordance with National Coal's high standards.
About National Coal Corp.
National Coal Corp., through its wholly-owned subsidiary, National Coal Corporation, owns coal mineral rights on approximately 75,000 acres in Eastern Tennessee. For more information, visit www.nationalcoal.com.
http://biz.yahoo.com/bw/041026/266239_1.html
National Coal, The reason for my questions were simple. I wanted to know if TN Mining's coal production was in last qtrs revenues. They are not.
http://biz.yahoo.com/bw/040813/135380_1.html
Excerpt:
For the quarter, revenues from coal sales were $4.5 million, an increase of over 425% compared to the Company's first quarter of 2004. The Company also reported a gross profit margin of 24.7% for the quarter ended June 30, 2004, which represents a significant increase compared to the 5.4% gross profit margin for the previous quarter. The Company reported a net loss of $1,187,472, or ($0.03) per share, compared to a net loss of $1,066,208, or ($0.03) per share for the first quarter of 2004.
National Coal's significant increase in revenues from coal sales is due to increased production attributable to the Company's acquisition of assets from U.S. Coal, Inc., an expansion of its customer base and higher average sale prices per ton. "The significant revenue growth for the three month period ended June 30, 2004 compared to the prior three month period was due in part to our recent mine expansion following our acquisition of assets from U.S. Coal, Inc.," said Jon Nix, Chief Executive Officer of National Coal. "By having a focused management team and a well timed transition, we were able to realize production gains the very same day we took control of U.S. Coal's assets. I'm extremely proud of our performance. This operating philosophy will also be employed as we seek to increase revenues and improve our operating margins for the foreseeable future by expanding coal production at new mines on our existing properties and through the acquisition of new mining properties." Nix also added, "We believe our Company is well positioned to take advantage of the ever increasing demand for coal both in this country and throughout the world. For the remaining six months of 2004, we have contracts which represent nearly double the revenue reported in the first six months and we expect to receive additional contracts before year end. Our coal reserves, and the additional mining permits that are coming on line over the next several quarters, will enable us to become a much larger coal producer."
"We have implemented a business plan which will allow us to continue to focus on effectively managing our costs and running our operations efficiently, thus enabling us to capitalize on multiple opportunities in the marketplace," Nix concluded.
National Coal, Emails.
Mr. Chmiel,
Of the acquisitions announced this year, U.S. Coal, TN Mining, Robert Clear Coal, and Appalachian Fuels LLC. Did National Coal purchase, or intends to, all of the mining rights and equipment of these companies or just partial? Does Zeb Mtn. come with Robert Clear Coal? Are all these companies currently operating and producing?
The revenues National reported for the last qtr., were these from the U.S. Coal and TN mining co.'s, or just U.S. Coal? Which acquisitions have been completed or are near completion?
REPLY.....
In the case of US Coal, as we announced, we acquired most of the assets. As for TN Mining, we have yet to close that transaction. We are now dealing with the new owner (New Horizon) but expect to close on substantially the same deal as was agreed to before.
As for Robert Clear, we have not closed on that transaction as yet. Once we do, we’ll make an announcement and file all the appropriate documents.
We have only recently announced the signed LOI for Appalachian Fuels. We expect to close that transaction once we finalize our financing.
With regards to revenue, we only report sales as they are made. We do not split out sales by mine.
Please look for upcoming announcements with regards to all these transaction.
Regards,
Rob Chmiel
CFO
Has been trying to move higher, some of the 8 million shares from the private placement are holding it back IMO. Haywood is the seller on the TSX around $1.85-$1.94(Canadian). Norstar, institutional trading only, has been the buyer. Should move higher when this is done, capped until then.IMO
I didn't realize SN.V had over 500 million tons of thermal and coking coal. I got to poking around a few websites related to Queensland coal, just for fun, thought I would share the info.
Maybe Sennen Resources will be able to turn their Queensland coal into a Joint Venture or sale sometime soon.
I used the maps on this site to see where SN.V coal is located, with info from Sennen's website.
http://www.nrm.qld.gov.au/mines/coal/overview.html#Resources
Recent articles showing demand for a piece of Queensland coal.
http://www.energyminerals.com.au/news.html
http://www.theage.com.au/articles/2004/10/08/1097089544132.html?oneclick=true
http://www.abc.net.au/queensland/news/200409/s1194404.htm
http://www.abc.net.au/queensland/news/200409/s1190871.htm
National Coal Corp. Signs Letter of Intent to Purchase Mining Assets of Appalachian Fuels, LLC
Thursday October 14, 8:00 am ET
http://biz.yahoo.com/bw/041014/145090_1.html
KNOXVILLE, Tenn.--(BUSINESS WIRE)--Oct. 14, 2004--National Coal Corp. (OTCBB:NLCP - News), a coal producer operating in Eastern Tennessee, is pleased to announce its wholly-owned subsidiary, National Coal Corporation, has entered into a non-binding letter of intent with Appalachian Fuels, LLC to purchase coal mining rights, leases and permits on 40,000 acres located on the Straight Creek and Pine Mountain mines in the South Eastern portion of Kentucky. National Coal expects to sign a definitive purchase agreement and close the transaction within 90 days.
National Coal would replace $6.5 million of the seller's reclamation and other bonds and will also acquire all leases, permits and mining equipment for approximately $12.5 million, plus the assumption of some current liabilities. Pending the close of the transaction, National Coal expects to immediately commence mining operations on all approved and permitted sites.
The transaction is the first acquisition National Coal has targeted outside the state of Tennessee and would assist the Company in fulfilling its growth strategy by expanding into other South Eastern states. When fully operational, the Company expects the mines to generate a substantial increase over their previous coal production rates.
"It has always been an important part of our business plan to foster sustained growth," said Jon Nix, president and CEO of National Coal. "This acquisition would be a significant step toward maintaining the success of this plan and would help in our attempt to secure and fulfill competitive contract commitments. As our mining efforts in the Southern Appalachian Region continue to grow, we will be able to better meet our customers' increasing demand for coal."
About National Coal Corp.
National Coal Corp., through its wholly-owned subsidiary, National Coal Corporation, owns coal mineral rights on approximately 70,000 acres in Eastern Tennessee. For more information, visit www.nationalcoal.com.
This release contains statements that are "forward-looking" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current estimates and projections about National Coal's business, which are derived in part on assumptions of its management, and are not guarantees of future performance, as such performance is difficult to predict. Examples of forward looking-statements include (i) the estimated closing date of the acquisition, and (ii) the estimated monthly coal production on the acquired property. Actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements due to numerous factors. Such factors include, but are not limited to, Appalachian Fuels unilaterally deciding not to close the transaction, the parties' inability to agree on the terms of a definitive agreement. National Coal's ability to rapidly and efficiently integrate the acquired operations into its existing operations, the occurrence of unanticipated delays in closing the acquisition, the demand for coal, the price of coal, the supply of coal and other competitive factors, the costs to mine and transport coal, the ability to obtain new mining permits, the costs of reclamation of previously mined properties, and the risks of expanding coal production. These and other risks are more fully described in the Company's filings with the Securities and Exchange Commission including the company's most recently filed Annual Report on Form 10-KSB and Quarterly Reports on Form 10-QSB, which should be read in conjunction herewith for a further discussion of important factors that could cause actual results to differ materially from those in the forward-looking statements.
--------------------------------------------------------------------------------
Contact:
National Coal Corp., Knoxville
Kearstin Patterson, 865-769-3749
or 865-207-3875 (cell)
kpatterson@nationalcoal.com
or
Cunningham & Company
Christine Pietryla, 312-334-9037
or 312-208-8776 (cell)
cpietryla@cunninghamcomp.com
--------------------------------------------------------------------------------
Source: National Coal Corp.
Nice to see they finally announced what we've already known for a week. Now we need some strikes in Peru and Chile, to make copper bounce.
Many potential strikes in Peru and Chile, recent article.
Codelco's Strikers Resume Talks Without New Offer (Update5)
Oct. 12 (Bloomberg) -- Codelco, the world's biggest copper producer, resumed negotiations today with supervisors at a division in northern Chile that went on strike last week over benefits.
Union leaders and management met this afternoon for the first time since the strike began at the company's northern division on Oct. 8, though Codelco didn't make a new offer, said Mario Sepulveda, a spokesman for the union. Jaime Andrade, a spokesman for the division, confirmed the meeting.
``We didn't have concrete progress,'' Sepulveda said, in telephone interview. He expects the two sides to meet tomorrow, though no meeting is now scheduled.
Andrade said prior to the meeting that the company won't make a new offer and that the protest hasn't reduced mining at the division. The union wants Santiago-based Codelco to increase housing benefits as the company's profits surge following a jump in copper prices to 15-year highs.
Copper futures for December delivery fell 2.05 cents, or 1.4 percent, to $1.448 cents a pound on the Comex division of the New York Mercantile Exchange. Futures prices have jumped 62 percent in 12 months on greater demand in the U.S. and China, the biggest users of the metal.
Adjustment
Codelco last week shut a smelter at the division because of the strike, beginning as much as 15 days of maintenance that had been scheduled for December, Andrade said.
The company is shipping copper to another division for smelting, and using stockpiles of processed copper to feed a plant that produces cathodes, or almost pure copper, Andrade said in a telephone interview. Miners operate most machinery at the division, rather than the union's members, who include engineers, doctors and managers.
Sepulveda said stockpiles feeding the refinery will run out, making the company sell copper as concentrate, which is partly copper, rather than as pure copper, which commands a higher price.
The northern division's two mines, Radomiro Tomic and Chuquicamata, accounted for 53 percent of production at Codelco in the first half of the year. Codelco said this year that its production will rise 14 percent in 2004 to 1.778 million metric tons.
To contact the reporter on this story:
Heather Walsh in Santiago,
Chile hlwalsh@bloomberg.net
To contact the editor responsible for this story:
Laura Zelenko at lzelenko@bloomberg.net
Last Updated: October 12, 2004 16:26 EDT
http://quote.bloomberg.com/apps/news?pid=10000086&sid=auhcYOA0iQP4&refer=latin_america#
I've called IR, they are producing right now. Copper concentrate to be sold this month. Copper going Parabolic soon,imo.
Could be a Pennant or Flag forming on chart, fwiw.
Nice to see a board for TGB. I had a hard time finding it though, suprised it wasn't with other mining co.,s.
Spoke with Mr. Wallace in IR today. The mine is and has been operating. They will be selling ore for cash this month. First time in years.