PT Adaro Energy Indonesia, which is one of Indonesia’s biggest coal miners, has released plans to spin off a coal mining unit valued at US$2.45 billion as part of a green shift, reported Bloomberg. The miner aims to offload its 99.9% stake in Adaro Andalan Indonesia and will seek shareholder approval for the plan on 18 October, according to a…
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According to data from ship-tracking firm Kpler, the United States exported more than 32.5 million metric tons of thermal coal in 2023, reported Reuters. The total volumes were the highest since 2018, and were worth more than $5 billion. Full story.
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Canadian miner Teck Resources has rejected an unsolicited $22.5 billion offer from Glencore, citing reluctance to expose its shareholders a large thermal coal business, an unwanted oil trading business and significant jurisdictional risk, reported Reuters. Glencore’s proposal was to merge with Teck and to simultaneously demerge their combined metals and coal businesses to create MetalsCo and CoalCo. The remaining company…
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