RE: Coal ShortagesThis article was mentioned on the front page of SH. Regardless of the clean energy push that moves across North America, the world is in great demand of coal and the prices for such, especially the cleaner coals as Blue Gem
produces, will only continue to push prices higher and produce more and more buyouts.
"Nations like China and Japan have been competing hard for years to secure coal supplies in many of the world's richest regions like Indonesia and Australia. Being late to the party, India is now making its own push to capture supplies. By going forth and buying mines.
Last year, the Indian government gave explicit instructions to many of the nation's largest coal companies to buy overseas coal mines in the interest of nailing down import supply.
One such acquisition materialized this week, with major coal miner and power plant operator Essar Group announcing its purchase of the Aries coal mine in East Kalimantan, Indonesia. The project is reported to hold 100 million tons of thermal coal.
This follows on the heels of Essar's recently-announced $600 million purchase of West Virginia's Trinity Coal Corp. Signaling that Essar (and other groups like it) are moving fast to secure coal assets globally."
Nag could not have finally come out of the closet at a better time in the economic environment. Should be an interesting few weeks ahead indeed!