Altona Resources Plc (LON: ANR), listed on London’s small cap market, has signed what it calls an ‘in-principle agreement’ with CNOOC Energy Investment Co Ltd to cooperate in the development of a project Altona has in the Ackaringa Basin of SA. It’s an ambitious project too. The project includes a 10 million barrel per year (30kbpd) open cut mine and a 560 megawatt power plant.
August 20th, 2008 | Dan Denning | 1 comment | ContinuedAll Posts Tagged With: "coal"
Quotes on Coal and Oil from Stupid Politicians
How incompetent are Western policy makers on energy? The first step on the road to incompetence begins with economic illiteracy. Controlling the “means of production” does not guarantee that things actually get produced. It just guarantees lower investment over time and ultimately, a poorer country.
June 20th, 2008 | Dan Denning | 5 comments | Continued
Rising Coal Prices to Increase Electric Bills in Australia
You’d better get ready for more expensive kilowatts soon. Electricity prices are going to “recouple” with soaring natural gas and coal prices. And here we thought cheap energy was a modern birthright. Australia gets 80% of its electricity from coal. That’s because the country has a lot of it. But there are two reasons why your electric bill could be going up. First, global coal prices are headed higher. Electricity producers - unless they own coal - will pay a higher market price for brown and black coal.
June 19th, 2008 | Dan Denning | 0 comments | Continued
Chinese Steel Price to Rise in Wake of Coal and Iron Price Hike
What a spectacle in the energy and resource markets. The deep-freeze in the iron ore negotiations between Aussie producers and Chinese steel makers appears to be thawing. Yesterday’s Financial Review reports that the number we’ve all been waiting for here is: eighty five. That’s the percentage increase in the annual iron ore contract price Aussie producers charge major Chinese steel makers.
May 7th, 2008 | Dan Denning | 3 comments | Continued
Australian Trade Deficit Grows for 75th Consecutive Month
The Australian Bureau of Statistics reported that the February trade deficit blew out by 30%, from a revised $2.59 billion in January to $3.29 billion in February. Exports fell by 4%, or about $18.2 billion in the month. The big laggards were metal ores, minerals, and coal. There is a simple explanation for Australia’s trade deficit: the country really doesn’t make much. How else can you explain something that’s been a regular feature of the economic landscape for the past 75 months?
April 8th, 2008 | Dan Denning | 0 comments | Continued
Unshakable and Powerful China Has Succumbed not to Recession but to Nature
“Many trees have fallen… and the electric lines are down. It is as if we had suffered an aerial attack or lost a battle. This is a terrible disaster. We’re hungry and cold.”
March 5th, 2008 | Bill Bonner | 0 comments | Continued