Mining

BHP Billiton posts $8.1 billion half year profit

MELBOURNE, Australia (AP) — BHP Billiton, the world's biggest miner, Tuesday reported a better-than-expected half year profit of $8.1 billion as cost cuts offset lower commodity prices.

The Anglo-Australian company's shareholders could participate in a company share buyback in six months. Chief executive Andrew Mackenzie said net debt could be down to $25 billion by then, a level he has previously said could trigger a capital return.

BHP's net profit for the July-December half year jumped 83 percent to $8.1 billion from $4.4 billion a year earlier.

Stripping out one-time gains and losses, profit was up 31 percent to $7.8 billion. That was well ahead of analyst forecasts of about $7 billion.

EIA: Coal production down 6.7 percent on year

Source: 
Platts

The Energy Information Administration said U.S. coal production fell 6.7 percent on the year in the week ending Feb. 8, Platts reports.

California drought helps gold prospectors

Source: 
NPR

California's ongoing drought has caused a significant drop in water levels in some rivers, boosting opportunities for gold prospectors to make finds without scuba equipment, NPR reports.

Senate Energy Dems raise concern on coal leasing program

Source: 
The New York Times

Investigators for Democrats on the Senate Energy and Natural Resources Committee said in a report that the Bureau of Land Management's coal leasing program has allowed some companies to pay low rates for leases and benefit from low royalties at taxpayer cost, The New York Times reports.

Enzi touts GAO report as support for coal lease program

Source: 
The Hill

In contrast to Democratic arguments that a GAO report highlights problems with the federal coal leasing program, Sen. Mike Enzi, R-Wyo., said the $1 billion in leasing revenue detailed in the report proves the economic necessity of the program, The Hill reports.

Eastern Kentucky coal jobs take big hit in 2013

Source: 
Lexington Herald-Leader

The Kentucky Energy and Environment Cabinet said in a report that coal operators in eastern Kentucky laid off 2,232 employees in 2013, a 23.4-percent decline, the Lexington Herald-Leader reports.

Senator: US coal sales might have cost taxpayers

BILLINGS, Mont. (AP) — Congressional investigators have found problems with federal coal sales that might have cost taxpayers $200 million or more in lost revenue, a senator said Tuesday.

Citing a new report by investigators at the non-partisan U.S. Government Accountability Office, U.S. Sen. Edward Markey, D-Mass., called for the sales to be suspended until the problems are rectified.

More than 40 percent of U.S. coal production — or about 450 million tons a year — comes from public lands leased by the government to mining companies under the century-old Mineral Leasing Act. Those leases bring in more than $1 billion in annual revenue.

Safety violations noted at Nevada gold mine

RENO, Nev. (AP) — An assistant U.S. secretary of labor has criticized a Nevada gold mine for failing to protect its workers after federal inspectors issued more than 60 citations and orders involving health and safety violations subject to more than $200,000 in potential penalties.

A review issued Wednesday noted that Veris Gold USA Inc., owner and operator of the Jerritt Canyon mine in Elko County, didn't have to report an electrical explosion and fire that injured two employees there on Dec. 19 because inspectors for the Mining Safety and Health Administration were already on site documenting infractions.

The violations included blocked emergency escape routes, faulty pressure relief valves and improperly stored hazardous chemicals at the operation that has 120 workers about 50 miles north of Elko, the mining administration said.

Martin Marietta buying Texas Industries for $2.06B

NEW YORK (AP) — Martin Marietta Materials is buying Texas Industries in an all-stock deal worth $2.06 billion, creating a leading supplier of aggregates and heavy building materials with a strong presence in large, fast-growing markets like California and Texas.

Martin Marietta said Tuesday shareholders of Texas Industries will get 0.7 shares of Martin Marietta for each share held. Based on Monday's closing price, that amounts to $71.95 per share, a premium of less than 1 percent from Texas Industries' closing price of $71.54.

Martin Marietta will also assume $700 million in Texas Industries debt.

Senate Energy hearing on Critical Minerals Policy Act of 2013

Washington, January 28, 2014, 10:00 am

Senate Energy and Natural Resources Committee holds hearing on Critical Minerals Policy Act of 2013. Energy Department, Interior Department witnesses. 

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