Mining Industries Correspondent
Krishna's Feed
Apr 3, 2013

Inland U.S. oil refiners stung by renewable energy credits

April 3 (Reuters) – Landlocked U.S. oil refiners short on
capacity to blend ethanol are bracing for a spike in costs,
unable to export their way out of a sudden rise in the price of
renewable energy credits needed to comply with government
requirements.

CVR Energy Inc and HollyFrontier Corp,
inland refiners with limited capacity to blend biofuels into the
pipeline, are suffering from a jolt to investor confidence while
stocks of their coastal peers continue a two-year upward march.

Apr 2, 2013

Sterlite Industries copper plant shut for at least a week after leak

NEW DELHI/MUMBAI (Reuters) – Sterlite Industries Ltd’s(STRL.NS: Quote, Profile, Research) copper plant in India, the country’s largest, will stay closed at least until a hearing next week about a gas leak reported at the site, tightening supplies of the red metal in Asia’s third largest economy.

An extended shutdown of the smelter, which produces more than 300,000 tonnes per year and supplies half of India’s domestic copper needs, could spur imports and drive up prices, traders and analysts have said.

Mar 20, 2013

Longer routes help oil tankers mitigate Iran sanctions

March 20 (Reuters) – Oil tanker owners are cushioning the
impact of Iranian trade restrictions by shipping crude over
greater distances to some of Asia’s biggest economies, the
founder of Nordic American Tankers Ltd said on
Wednesday.

Chief Executive Herbjorn Hansson said Western sanctions on
doing business with Iran had led to an increase in oil shipments
from West African countries to energy-hungry China and India
-longer routes that generate bigger revenues for shipping firms.

Feb 7, 2013

High inventories delay U.S. thermal coal recovery

Feb 7 (Reuters) – U.S. thermal coal miners, primed for a
recovery in demand, will have to wait for up to a year while
stockpiles are run down before profiting from the fuel’s return
to being the cheap alternative to natural gas in power
generation.

Thermal coal is expected to be 35 percent cheaper than gas
on average this year, the U.S. Energy Information Administration
(EIA) says, reversing a pricing trend that cut coal consumption
by 11 percent in 2012 to its lowest level in two decades.

Jan 30, 2013

Kinder Morgan to buy pipeline firm Copano for $3.22 bln

Jan 30 (Reuters) – Kinder Morgan Energy Partners LP
will buy natural gas pipeline operator Copano Energy LLC
for $3.22 billion to tap into growing demand for
infrastructure to transport vast supplies from the shale fields
of Texas and Oklahoma.

Private equity firm TPG Capital, Copano’s top
shareholder with a stake of more than 14 percent, will get a 41
percent premium to its $300 million investment made in 2010, if
the deal goes through.

Jan 24, 2013

Cliffs to take $1 bln charge on Thompson Iron buy

Jan 24 (Reuters) – Cliffs Natural Resources Inc said
it would write down the value of Consolidated Thompson Iron
Mines Ltd by $1 billion as it expects lower volumes and higher
costs in the business bought for more than $4 billion two years
ago.

Rival miners Rio Tinto Plc and Vale SA
have recorded billion-dollar charges over the past two months on
weak demand for commodities such as iron ore, coal and aluminum,
and analysts expect BHP Billiton Plc and Anglo American
Plc to follow.

Dec 27, 2012

China’s Hanwha SolarOne gets $475 mln credit line from Beijing bank

Dec 27 (Reuters) – Hanwha SolarOne Co Ltd said Bank
of Beijing Co Ltd will provide it with a credit line
of about $475 million, in yet another instance of Chinese banks
helping local solar companies survive a steep fall in prices.

Hanwha SolarOne’s total long-term debt of 2.76 billion yuan
($442.3 million) is already more than five times its market
value, and the company, like many of its China-based rivals, has
reported losses for the last six quarters.

Dec 20, 2012

New onshore US drilling rigs deliver high margins, for some

Dec 20 (Reuters) – A new generation of land-based oil and
gas rigs is halving drilling time and cutting costs for
customers, but also setting a clear divide for investors between
firms that have the new machines and those stuck with hundreds
of old ones.

About two-thirds of the 1,750 active land rigs in the United
States are legacy diesel-powered units. The rest are the newer
machines that have alternate current (AC) motors.

Dec 12, 2012

China doubles solar subsidies, U.S.-listed stocks jump

By Swetha Gopinath and Krishna N Das

(Reuters) – China has added a further $1.1 billion in subsidies to its solar power sector, more than doubling its support this year, Xinhua reported on Wednesday, sending shares of Chinese solar power companies up sharply in U.S. trading.

Shares of Trina Solar Ltd (TSL.N: Quote, Profile, Research, Stock Buzz) and Yingli Green Energy Holding Co (YGE.N: Quote, Profile, Research, Stock Buzz) surged more than 20 percent in morning trading, while those of JA Solar Holdings Co Ltd (JASO.O: Quote, Profile, Research, Stock Buzz) were up 14 percent. Shares of JinkoSolar Holding Co Ltd (JKS.N: Quote, Profile, Research, Stock Buzz) and Suntech Power Holdings Co Ltd (STP.N: Quote, Profile, Research, Stock Buzz) rose about 10 percent.

Oct 31, 2012

GT Advanced to cut jobs to cope with weak Asia demand

Oct 31 (Reuters) – GT Advanced Technologies, a
solar and LED equipment maker, said it would slash about 25
percent of its workforce and would l i kely report third-quarter
revenue at the low end of its forecast due to weak demand in its
main market, Asia.

Shares of GT, which makes machines used to manufacture solar
and LED equipment, fell more than a fifth to $4.03 on the
Nasdaq, their lowest in more than five months.

    • About Krishna

      "I have been covering India's metals and mining industries from New Delhi since April Fool’s Day, 2013. Before that I led two teams of reporters covering small-and-medium-sized U.S./Canada-listed energy and resources companies. I have closely followed the solar and shipping industries and love to write on cricket whenever I can."
      Hometown:
      Agdala, Baihata Chariali, Assam
      Joined Reuters:
      August, 2009
      Languages:
      Assamese
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