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Thompson Creek Metals Company Inc. Message Board

sulhaj 30 posts  |  Last Activity: Dec 14, 2014 12:13 AM Member since: Dec 17, 1997
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  • The head of the US delegation at UN climate talks has warned of a "major breakdown" in the process if negotiators fail to come to an agreement at a meeting in Lima, Peru.

    Talks remain deadlocked by divisions between rich and poor countries over the scale and scope of plans to tackle global warming.

    The talks were due to have concluded on Friday but have now overrun.

    Disagreements abound over a key building block of a new global treaty.

    That element, known as Intended Nationally Determined Contributions (INDCs) in the jargon of the meeting, is seen as a major step as developed nations are due to make pledges on how they will tackle climate change by the end of March next year.

    The countries came to Peru to work out the details of what those pledges would entail.

    It has not been smooth sailing.

    The big emitters like the US and EU want these pledges to be focused mainly on cutting carbon - and they want to include emerging economies such as India and China.
    Developing countries object strongly to any attempts to bring them into the fold - and they argue that the pledges of the rich must include substantial finance for the poor.

    According to US climate envoy Todd Stern, the deadlock on this and other issues threatens the chances of a new global deal next year.

    "Failing to produce the decision before us will be seen as a major breakdown, and will deal a serious blow to the confidence of the parties and others as we approach Paris. And indeed to the hope of a Paris agreement," he said.

  • Proposals too weak to keep global warming to the agreed limit of two degrees above pre-industrial levels

    world climate disaster lima talks fail

    Suzanne Goldenberg

    Saturday 13 December 2014 15.06 EST

    Frustrated climate campaigners have claimed that the world was on course for an unsustainable four-degree rise in temperatures, as two weeks of negotiations for a climate change agreement headed for an unsatisfying conclusion.

    The proposals, still under discussion on Saturday, a day after the talks were scheduled to end, were too weak to keep global warming to the agreed limit of two degrees above preindustrial levels, setting the world on course to a climate disaster, according to developing countries at the summit.

    “We are on a path to three or four degrees with this outcome,” said Tasneem Essop, international climate strategist for WWF.

    She said the final draft text, a five-page document put forward for approval on Saturday, offered little assurance of cutting emissions fast enough and deeply enough to curb warming. “We are really unhappy about the weakening of the text. This gives us no level of comfort that we will be able to close the emissions gap to get emissions to peak before 2020,” she said. Saleemul Huq, a senior fellow at the International Institute for Environment and Development, put it even more succinctly: “It sucks. It is taking us backwards.”

    The disappointment with the progress of the Lima negotiations was widespread – and hugely at odds with the mood of optimism that prevailed at the opening of the talks following a historic deal between the US and China to curb carbon pollution. The deal between the world’s two biggest carbon polluters – followed just

  • By
    Associated Press

    Nov. 27, 2014 10:17 p.m. ET


    BRISBANE, Australia—Brisbane, Australia’s third-largest city, was lashed by its worst storm in decades, with wind, rain and hail lifting roofs, cutting power lines, flooding streets and injuring a dozen people, officials said.

    State-owned electricity supplier Energex said Friday that up to 90,000 homes had been without power, with trees and hundreds of power lines brought down by winds gusting at 140 kilometers per hour (87 mph). By Friday morning, 68,000 homes remained blacked out.

    The storm struck late Thursday afternoon, trapping commuters for hours in stalled electric trains. Television news broadcasts showed downtown high-rise windows smashed, light planes flipped upside down on an airfield and cars almost completely submerged in flooded streets.

    Cars drive through floodwater in Brisbane's central business district after a severe thunderstorm swept through the city. ENLARGE
    Cars drive through floodwater in Brisbane's central business district after a severe thunderstorm swept through the city. European Pressphoto Agency
    .
    Queensland state Premier Campbell Newman described the storm as the worst to hit the city of 2.2 million people since 1985. He said 12 people had been injured.

    Australian Broadcasting Corp. reported that the convention center that hosted President Barack Obama and other world leaders at the Group of 20 summit two weeks ago had sustained hail and water damage.

    The army was called in to help emergency crews remove fallen trees Friday morning.

  • sulhaj sulhaj Nov 23, 2014 9:56 PM Flag

    In September, Alpha reached an agreement with creditors to extend the deadline to pay debts and open additional credit lines of about $1.1 billion.

    “Given where prices are, where costs are, where debt levels are, I wouldn’t be surprised to see more restructuring,” throughout the industry, said Kevin Crutchfield, Alpha’s chief executive. “We have every belief [Alpha is] going to get through this just fine.”

  • Steelhead Partners LLC, a hedge fund managing $1.3 billion, bought 1.5 million Alpha shares in the third quarter, valued at $3.8 million today, according to FactSet. Steelhead has become Alpha’s largest shareholder, and its investors believe Alpha’s financial maneuvering has left it with enough cushion to survive until prices rise, they said.
    Some of the same hedge funds betting on Walter have also been buying up Alpha bonds that fall due in December 2017, forecasting that the company will stay solvent for at least that long, one of the funds’ managers said. The price of the bond has rebounded 23% in the past three weeks.

    “All the risk has been squeezed out,” said J.D. Kritser, analyst at Steelhead. He added that if miners cut production globally, “then we see this market turn around very quickly.”

  • Indonesia's coal export restrictions become effective

    November 20 2014

    Indonesia, one of the world's largest producers and exporters of thermal coal, has instituted restrictions on the export of coal, effective as of 1 October 2014, requiring that proposed exporters register with the Ministry of Trade and obtain a license to export.

    At least one large Indonesian coal miner has already publicly announced that it has obtained the requisite license and, according to the Government of Indonesia, at least 98 licenses have been issued to date. Industry commentators predict that the new restrictions will reduce exports from Indonesia and potentially increase coal prices.

    The new restrictions provide, among other things, a survey procedure for coal exports, which includes verification that royalties have been paid by the relevant mining company. The requirements are intended to provide an additional means for the government to prevent illegal mining activities (including unlicensed mining, mining in contravention of environmental regulations and failure to pay royalties). Additionally, government officials have indicated in public statements that the export license system may be used to impose export quotas for purposes of supporting coal prices (by reducing supply in the market) and facilitating domestic coal consumption (such as for domestic electricity generation).

    The government has previously instituted policies, such as the "clean and clear" certification program, to facilitate oversight of mining companies, and has imposed a similar exporter registration and licensing program in relation to exports of ore and other unprocessed metal minerals.

    Indonesia's 2009 Mining Law stipulates that the government has the authority to regulate exports of coal and minerals. The coal export restrictions were originally intended to come into effect on 1 September 2014, but the effective date was delayed to 1 O

  • Kuzbassrazrezugol to cut coal output by 2.3 mln tonnes in 2015

    in Commodity News 18/11/2014

    Kuzbassrazrezugol
    Russian coal miner Kuzbassrazrezugol will cut its production by 2.3 million tonnes in 2015 due to “unfavourable international market conditions”, the company said.

    Kuzbassrazrezugol produced 30.8 million tonnes of coal for export in 2014 from its mines in Siberia.

    Glencore Plc, the world’s largest exporter of thermal coal, said last week that it plans to shut its Australian mines for three weeks, cutting output by 5 million tonnes in 2014.

    Coal prices have been hitting multi-year lows due to demand growth failing to keep pace with production increases.

  • Ukraine considering coal supplies from the US

    World
    November 17, 19:40 UTC+3

    Earlier British company Steel Mont Trading Ltd refused to continue South African coal supplies to Ukraine


    Donetsk wants no coal trade with Kiev before end of hostilities

    KIEV, November 17. /TASS/. Ukrainian power generating company Tsentrenergo is considering terms of American coal supplies, according to a statement on the company’s website.

    “For stable provision of generating capacities with coal fuel, Tsentrenergo held a meeting with representatives of the Recursion Ventures company today, November 17,” the report said.

    The statement said these were only preliminary consultations.

    The meeting focused on basic technical characteristics of coal products, anticipated volumes, conditions and terms of deliveries, as well as price proposals from the American company, Tsentrenergo said.

    On November 11, Ukrainian state-owned foreign trade company Ukrinterenergo director Vladimir Zinevich said British company Steel Mont Trading Ltd refused to continue South African coal supplies to Ukraine. Zinevich said the trader currently is not ready to supply “coal at $86 (per ton) as demand for anthracite coals in winter grows.”

    Zinevich said the decision is also connected with the non-payment for deliveries of South African coal at the fourth vessel (second batch), which is expected to arrive November 25.

    Ukraine currently buys South African coal at $86 per metric ton. Steel Mont finances 80% of the purchase volume. Three vessels with coal cargoes have arrived, another three are expected to arrive, but the price could change.

    Ukrainian government accused of fraud with coal purchase in South Africa

    Ukraine’s National Security and Defense Council on November 4 raised the question of whether the deal to buy coal from South Africa was transparent. In connection with that, Ukraine’s

  • Under the deal with Australia, China has agreed to reverse higher duties it recently imposed on Australian coal exports: the coking coal duty will be cut to zero and the thermal coal duty to 4 percent from 6 percent and then phased out across two years

  • Glencore is suspending its Australian coal business for three weeks/shaving about 5 million tonnes of output
    .

    Glencore coal stunt buries RIO bid

    Posted by Houses and Holes in Commodities, Iron ore price

    at 8:31am on November 14, 2014 | 3 comments

    Dearie me! From the AFR:

    Glencore is suspending its Australian coal business for three weeks, to avoid pumping tonnes into a heavily oversupplied market at depressed prices.

    The move could be a challenge to iron ore majors BHP Billiton and Rio Tinto, who Glencore chief Ivan Glasenberg has attacked for dramatically expanding production in the face of falling iron ore prices.

    Glencore surprised the market on Friday, saying it would shut its Australian coal business for three weeks, starting mid-December, shaving about 5 million tonnes of output.

    …Some market observers have said Mr Glasenberg’s push for a highly unlikely mega merger with Rio could in fact be an attempt to force its target to agree to a merger of the two majors’ Hunter Valley businesses.

    Well, Ivan Glasenberg ain’t boring. And perhaps this is about coal, but it’s pretty odd given it’s Glencore that’s expanded most in thermal coal – up 13 million tonnes in the last year to 94 million tonnes – but whatever, it kills any larger bid For RIO.

    There is absolutely no way the Chinese, via Chinalco or its regulators, will accede to this behaviour, as underlined by the news today that FMG is now a Chinese steel mill stooge

  • China government is planning to cut tariffs on coal exports to 3% from 10%
    .

    China government is planning to cut tariffs on coal exports to 3% from 10%

    1 hour ago | November 14th, 2014 00:05:31 GMT by Eamonn Sheridan View Comments

    China Securities Journal (via MNI):
    •China government is planning to cut tariffs on coal exports to 3% from 10%
    •Citing sources familiar with the matter
    •Said tariff cuts will be announced in December
    •Will take effect starting January 1 2015

  • Glencore coal stunt buries RIO bid

    Posted by Houses and Holes in Commodities, Iron ore price

    at 8:31am on November 14, 2014 | 3 comments

    Dearie me! From the AFR:

    Glencore is suspending its Australian coal business for three weeks, to avoid pumping tonnes into a heavily oversupplied market at depressed prices.

    The move could be a challenge to iron ore majors BHP Billiton and Rio Tinto, who Glencore chief Ivan Glasenberg has attacked for dramatically expanding production in the face of falling iron ore prices.

    Glencore surprised the market on Friday, saying it would shut its Australian coal business for three weeks, starting mid-December, shaving about 5 million tonnes of output.

    …Some market observers have said Mr Glasenberg’s push for a highly unlikely mega merger with Rio could in fact be an attempt to force its target to agree to a merger of the two majors’ Hunter Valley businesses.

    Well, Ivan Glasenberg ain’t boring. And perhaps this is about coal, but it’s pretty odd given it’s Glencore that’s expanded most in thermal coal – up 13 million tonnes in the last year to 94 million tonnes – but whatever, it kills any larger bid For RIO.

    There is absolutely no way the Chinese, via Chinalco or its regulators, will accede to this behaviour, as underlined by the news today that FMG is now a Chinese steel mill stooge.

  • China government is planning to cut tariffs on coal exports to 3% from 10%

    1 hour ago | November 14th, 2014 00:05:31 GMT by Eamonn Sheridan View Comments


    China Securities Journal (via MNI):
    •China government is planning to cut tariffs on coal exports to 3% from 10%
    •Citing sources familiar with the matter
    •Said tariff cuts will be announced in December
    •Will take effect starting January 1 2015

  • In December 2011, Alpha Natural agreed to pay $209 million to settle criminal and civil charges over the explosion, including $1.5 million to each family of the 29 miners who were killed.

    Massey was bought in 2011 by Alpha Natural Resources Inc for about $7 billion. Alpha Natural was not accused of wrongdoing.

  • How much money will AKS have to help Magnetation LLC joint venture in 2015 .Magnetation LLC will have some financial issues now and in 2015 because of lower Iron Ore prices .AKS already invested about $300 million so far into Magnetation LLC joint venture . This question was asked by Justine Fisher from Goldman on the conference call and the CEO did not give a clear answer. Any help .Thanks

  • A FREAK series of rare atmospheric events is set to plunge Britain into the worst winter of modern times with heavy snow paralysing the entire country within WEEKS.

    Britain is facing one of the coldest winters on record

    Shocked forecasters warned tonight the latest high-tech weather models point to a CATASTROPHIC big freeze in late 2014 with THREE MONTHS of blizzards and Arctic gales.

    They fear a lethal and unprecedented combination of low pressure, above-average rainfall and a freak Polar vortex will come together in a perfect storm of misery for Winter 2014.

    Moist air from the Atlantic currently causing the mild, wet and windy weather threatens to collide with bitter Arctic winds.

    It means a dramatic plunge in the current mild temperatures will turn torrential rain to blizzards capable of smothering the ENTIRE COUNTRY in feet-deep snowdrifts.

    The big chill could arrive as early as this month although some models show the colder flow of air will be held at bay until the New Year.

    BRITAIN IN SNOW: IN PICTURES

    However when it arrives, it threatens to rival the historic winter of 1947 which saw snow fall EVERY SINGLE DAY between January and March.

    Crippling snow drifts of up to FIVE METRES ground swathes of the country to a standstill while the armed services were drafted in to drop emergency air supplies to stranded communities.

    In a terrifying similarity to this year, the killer whiteout of 1947 started with suspiciously mild conditions persisting into early winter.
    Worried experts have warned Britons not to be lulled into a false sense of security by the current benign conditions.

    The very latest weather models show a unique set of circumstances coming together to create an extreme whiteout driven by violent snowstorms.

    James Madden, forecaster for Exacta Weather, said a strongly negative Arctic Oscillation (AO) and North Atlantic Oscillation (NAO) this winter are main driving factors.

    Both phenomenon are governed by atmospheric sea pressure and when in a negative phase they allow cold air to flow in from the East - the so called blocking effect.

    Mr Madden said due to recent warming in the Earth’s stratosphere, both the NAO and AO are “excessively” low pointing towards a severe freeze.

    A separate measure derived from air flow patterns in the upper atmosphere called the October Pattern Index (OPI ) also points towards a negative Arctic Oscillation.

  • European coal, which is monitored closely by the German generation market, has rebounded from 7-1/2 year lows posted last week, as a cold winter would help cut high inventories that have kept a lid on prices

  • Coal imports add stress to U.S. glut
    November 9, 2014 12:00 AM

    When Alpha Natural Resource’s coal, dug from Appalachian mines, arrived at a South Carolina power plant this year, it saw a cheaper cousin from abroad eating its lunch

    More than 335,000 tons of coal from Alpha’s mines in Kentucky and West Virginia bumped along about 400 miles of railroad tracks to reach the South Carolina Generating Co.’s Williams plant along the bank of the Cooper River.

    Approaching from the south were 242,000 tons of Colombian coal. Though the South American fuel traveled four times the distance, it came at a better price and grabbed 24 percent of the solid fuel share at Williams during the first eight months of this year. Alpha supplied 33 percent, according to data provided by South Carolina Generating Co. to the Energy Information Administration.

    The dynamic has grated on Alpha’s finances, according to the Virginia company’s CEO Kevin Crutchfield, who noted increasing imports into the U.S. as an industry stressor during the company’s most recent earnings call.

    To be sure, coal imports in the U.S. are but a tiny sliver of coal consumption and of the problems facing the industry. More pressing concerns range from falling commodity prices, powerplant shutdowns, transportation constraints, and environmental regulations to competition from cheap natural gas.

    Still, there is something incongruous about the world’s richest coal nation seeing a spike in coal imports during a domestic and global glut.
    U.S. Census data shows coal imports in the U.S. increasing by 43 percent during the first six months of 2014, compared with the same period last year. Reports submitted by power plants to the Energy Information Administration follow the same trend and show it escalating. In July and August, two months not yet available in the Census data, power plants were already halfway to the total imports for the first six months of the year.

    Part 2 next

  • I know short covering happened last week in the coal stocks but will it continue next week . Did the fundamentals changed since last week . please advice .Thanks

  • Citi - Sell, $3.40 price target

    “We continue to rate AKS Sell based on our cautious view on flat-rolled pricing and stainless steel margins. Cash outflows are forecasted to improve by $300+ mln YoY in 2015 as investments in AK Coal and Magnetation are completed. Pension contributions decline from $197 mln in 2014 to ~$35 mln in 2015 and lower maintenance and raw material costs drive improved EBITDA generation. Even with these items and ~$200 mln YoY higher forecasted EBITDA incorporated in our model we forecast -$2 mln in FCF.”

TC
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