Energy

An Indian consortium of five state-run firms will meet next week to decide on a counter offer for Riversdale Mining.

Transnet has marked the shipping of the last 98 of 200 wagons and spare parts as part of an order by Rio Tinto.

Uranium One said that despite difficulties in the uranium industry during 2011, the company was able to post record revenues and an 89% improvement in earnings from mining operations.

The Richards Bay Coal Terminal managed its best performance in three years during 2010, but the amount of coal being exported remains way below its installed capacity.

The Richards Bay Coal Terminal is pulling out all the stops during December to achieve total exports of 72 million tonnes for 2014

South African bank Absa has applied to put Continental Coal in business rescue proceedings despite the Australian firm hoping to sell its operating asset.

Rio Tinto will sell Riversdale’s Zululand Anthracite Colliery once it has completed its takeover of the junior coal firm.

Continental Coal said it had made progress in discussions with bondholders over the recapitalisation of the business.

Shares of Forbes and Manhattan Coal Corp have risen sharply following an agreement with Transnet Freight Rail and Grindrod Terminals to export coal through the Richards Bay Coal Terminal.

Firestone Energy and Sekoko Resources have ended negotiations with India’s Jindal Steel over the development of two coal properties in Limpopo’s Waterberg area.